Mainland Chinese conglomerate Tahoe Investment Group has announced the completion of its acquisition of Dah Sing Life Assurance and Dah Sing Insurance Services (collectively Dah Sing Life) in Hong Kong.
The acquisition of Dah Sing Life and Macau Life Insurance, as well as the bancassurance agreements for exclusive 15-year bancassurance partnerships with Dah Sing Bank and Banco Comercial de Macau (BCM), are for HK$10.6 billion (US$1.36 billion).
Dah Sing Life will maintain its services after the acquisition to provide diverse and premium products, including life insurance services, savings protection plans, health and medical protection plans and investment-linked assurance schemes.
This deal marks an important milestone for Tahoe Investment Group, according to a company statement. Through this acquisition, Tahoe expands its business internationally from Hong Kong and Macau.
Commenting on the completion of the acquisition of Dah Sing Life, Mr Huang Qisen, Chairman of Tahoe Investment Group, said: " Through this acquisition, Tahoe Investment further improves its foundation in the financial services sector and also makes important progress in global layouts and consolidates its development strategy to become an enhanced integrated investment group."
Completion of the acquisition of Macau Life and distribution arrangement with BCM is expected to take place after regulatory approval is received from the Macau authorities.
Tahoe Investment Group was founded in 1993 by Mr Huang. It is a conglomerate with investments in financial services, real estate, medical services, healthcare, culture and education. The company is one of the founding shareholders of Haixia Life Insurance and a major shareholder of Fujian Haixia Bank, Rural Credit Bank of Fuzhou and Dongxing Securities. In the healthcare segment, Tahoe Investment completed its acquisition of Fujian Huitian Bio-Pharmacy and Alliance HealthCare Services, a US-based provider of outsourced radiology, oncology and other healthcare services.