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News International GE Capital to invest in Syngene
Biocon, Asia's premier biotechnology Company, announced today that it has signed an agreement with GE Equity International Mauritius, a subsidiary of GE Capital Corporation, which will make a primary equity investment in its research services subsidiary, Syngene International (Syngene).
Limited
Commenting on this development, Ms. Kiran Mazumdar-Shaw, Chairman & Managing Director, Biocon said, “GE Capital’s investment in Syngene, Biocon’s subsidiary, is a validation of our research services business
model which has delivered consistent value to our partners as well as other stakeholders. This takes us closer to our commitment of taking Syngene through an IPO at the most opportune time.”
Welcoming the private equity investment into Syngene, Mr Peter Bains, Director, Syngene said, “This investment will enable Syngene to expand its integrated discovery and development services platform and harness the global outsourcing opportunity to foster high value strategic partnerships with leading pharma and biotech companies. Besides fueling our future
growth, this investment also endorses the quality of innovation at Syngene and the role played by its scientific team in accelerating innovation and productivity of its global customers.”
“GE Capital has a long track record of equity investment in Asia including successful partnerships with Indian companies. We seek to add value to the companies we invest in, by sharing GE’s expertise and experience in innovation, technology and global expansion,” said John Flannery, Senior Executive with GE & CEO, GE India.
Prudential plc and Thanachart Bank PCL enter into a long-term exclusive bancassurance
partnership in Thailand Prudential plc, through its subsidiary Prudential Life Assurance (Thailand) Public Company Limited, and Thanachart Bank Public Company Limited have entered into an agreement to establish an exclusive 15-year partnership to develop jointly their bancassurance business in Thailand.
In addition,
Prudential Thailand will acquire 100 per cent of Thanachart Life Assurance Company Limited, a wholly-owned life insurance subsidiary of Thanachart Bank. The consideration for Thanachart Life is £358 million (THB 17.5 billion) settled in cash on completion, with a further payment of £10 million (THB 0.5 billion) payable 12 months after completion, subject to a post-completion adjustment to reflect the net asset value as at the completion date. The transaction is subject to regulatory approval and is expected to close in the first quarter of 2013.
This transaction builds on Prudential’s strategy of focusing on the highly attractive markets of South East Asia. Thailand’s life insurance market is significant in size, comparable in premium terms to each of Indonesia and Malaysia1. Life insurance penetration in Thailand remains low at only 2.7 per cent1 providing substantial long-term profitable growth opportunities. Market gross premium income increased at a 16 per cent compound annual growth rate between 2007 and
10
20111. Bancassurance has been the main driver of growth over this period, accounting for 50 per cent of life insurance first year premiums in 2011, compared to 28 per cent in 20072. For Thanachart Bank, this partnership supports its strategy of providing market leading products and services throughout Thailand. By partnering with Prudential, Thanachart Bank’s staff will benefit from additional training and sales tools while its customers will have access to a comprehensive range of protection and savings products.
Thanachart Life is a top-10 life insurer in Thailand3 with around one million in-force policies. In the twelve months to 30 June 2012, Thanachart Life’s profit after tax was £25 million (THB 1,226 million). The acquisition of Thanachart Life will
immediately double
Prudential Thailand’s market share2. Upon completion of the transaction, Thanachart Life will become a wholly-owned subsidiary of Prudential Thailand.
Tidjane Thiam, Group Chief Executive, Prudential plc, said: “We have had a long standing ambition to significantly increase our presence in Thailand, one of our key target markets in South East Asia. This long-term exclusive partnership with Thanachart Bank positions us well for the future and is in line with our multichannel
distribution strategy. We continue to invest and grow our partnership business, alongside our well established and successful agency workforce.
“We are especially proud to be the partner of Thanachart Bank, one of the largest and most successful banks in Thailand, with a major shareholder such as Scotiabank, a leading international
financial
institution. Our combined strong product offering, distribution platform and operational excellence will continue to bring attractive benefits to customers, sales staff and shareholders of both organisations”.
Mr Somjate Moosirilert, CEO and President of Thanachart Bank, said,
Mizkan Group Announces Acquisition of Premier Foods for £92.5 Million
Premier Foods today
announces it has entered into a conditional agreement to sell its sweet pickles and table sauces business
(the
“Disposal”) to Mizkan, for a cash consideration of £92.5 million, subject to approval by Premier Foods’ shareholders and consent from its banking syndicate.
The Disposal includes
Branston sweet pickle, ketchup, relish, salad cream and mayonnaise, together with the Company’s Bury St Edmunds factory in Suffolk. Completion of the Disposal is expected to take place early in 2013 and all employees at the site are expected to
transfer to Mizkan following an appropriate consultation process.
Following completion of the Disposal, the branded sales mix of the Company’s Grocery business will increase to approximately 90%.
Kazuhide Matazaemon Nakano VIII, Chief Executive Officer, Mizkan, commented:
“Branston Sweet Pickle is an iconic brand that has established a market leading position. The Branston brand is also an excellent strategic fit with our global portfolio and adds to our solid foundation for growth in the UK.”
NBAD Supports South Korea to Develop Financial Hub
The National Bank of Abu Dhabi (NBAD), the Number One Bank in the United Arab Emirates, has agreed to cooperate with Seoul Metropolitan Government (SMG) to promote and develop Seoul International Financial Center (SIFC) into a financial hub of Northeast Asia.
“We remain
committed to meeting all of the financial services needs of our customers throughout Thailand, including life assurance. To best be able to do this, we are very pleased to enter into this long-term exclusive bancassurance partnership with Prudential, one of the world’s leading life
insurance
companies. We are confident that with the strong branch network and dedicated staff of Thanachart Bank, together with Prudential’s expertise in bancassurance, we will be ideally positioned to service our clients and meet all their insurance needs.”
As NBAD’s expansion in Asia accelerates, NBAD responded to SMG’s invitation to sign a memorandum of understanding with it, which allows both parties to aid each other with their ambitions.NBAD will in principle support and contribute to the development of SIFC into a regional financial hub. Seoul Government would provide administrative support to NBAD’s potential expansion into South Korea.
“NBAD welcomes this
partnership with Seoul Metropolitan Government and we look forward to a fruitful relationship that will mutually benefit both parties and our countries,” said Qamber Ali Al Mulla, the Senior General Manager of International Banking Division of NBAD. “The National Bank of Abu Dhabi is the UAE’s flagship international bank with a growing network that spans 15 countries. We continue to study
and identify markets for expansion with particular interest in Asia and the Arab world.”
NBAD has the widest international network among all UAE banks. This year, NBAD inaugurated its Representative Office in Shanghai, China; and launched its wholly owned subsidiary National Bank of Abu Dhabi Malaysia Berhad (NBAD - Malaysia) in Kuala Lumpur.
NBAD’s international network stretches from China and Hong Kong in the Far East to Malaysia in Southeast Asia; Oman, Bahrain and Kuwait in GCC; Jordan in the Levant; Egypt, Sudan and Libya in Africa; France, Switzerland and the UK in Europe; and USA in North America.
“Given that UAE and Korea continue to expand commerce and cultural links, it is natural that we study the Korean market for entry,” said Ernest Law, the Regional Manager of NBAD-Hong Kong, who manages NBAD’s functions in Asia. “Korea is a promising market and NBAD certainly sees great opportunities and potentials.”