Pacific Century Group (PCG) has acquired the life insurance units of ING, the Dutch financial services giant, in Hong Kong, Macau and Thailand.
Richard Li, PCG's chairman, yesterday said the acquisitions mark the first step in his company's plan to develop a world class pan-Asian life insurance business to capitalise on the long-term potential of the insurance sector.
ING announced last October it reached an agreement to sell its life insurance, general insurance, pension and financial planning units in Hong Kong and Macau and its life insurance operation in Thailand to PCG for a combined US$2.14 billion in cash.
The agreement is part of the previously announced divestment of ING's Asian insurance and investment activities.
PCG is a private firm founded in 1993 by Mr Li, son of the Hong Kong tycoon Li Ka-shing, Asia's richest man. It owns financial services, property, satellite communications, media and telecommunications services in Asia.
The younger Mr Li is the chairman of HKT, the largest telecom operator in Hong Kong, and the major shareholder in PineBridge Investments, the US-based asset manager with $68 billion under management.
PCG has established an experienced group of managers and is in the process of developing a new identity and brand for its insurance business.