US insurance giant MetLife will sell its Taiwan unit to local financial conglomerate Chinatrust for $180 million, the companies said.
The deal, pending the approval of Taiwan’s industry regulator Financial Supervisory Commission, will allow Chinatrust to buy all of MetLife Taiwan, according to statements released late Monday.
MetLife last year struck an agreement with the Taipei-based Waterland Financial Holding for the sale of its Taiwan unit for $112.5 million, but it failed to obtain the Commission’s approval.
Chinatrust, which has assets of Tw$1.8 trillion ($61 billion), has guaranteed that the interests of MetLife Taiwan’s more than 307,000 policyholders are safe, and that its 600 employees will be kept.
Taipei, March 29, 2011 (AFP)