June 13, 2005
New York Life has decided to purchase a share of no more than 5% in the Bank of Overseas Chinese in June. It is estimated that this will amount to an investment of around
USD 15 million.
Under this stock purchase agreement, the Bank of Overseas Chinese will only sell insurance policies from New York Life. The insurance company will be responsible for the training of the bank's insurance personnel.
New York Life Insurance Taiwan Corp. brought in revenues of
NTD 12.1 billion from insurance policies in 2004, an increase of 10% on the year. The subsidiary's total assets have surpassed
NTD 45 billion. Its revenues from investments in 2004 grew 86.6% for a rate of return on investments of 5.7%.
The Bank of Overseas Chinese currently operates 55 branches and has over 900,000 customers.
(United Daily News)
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