Hong Leong Financial Group Berhad (HLFG) announced yesterday [May 22, 2009] that Bank Negara has “no objection in principle” for HLFG and its wholly-owned subsidiary, Hong Leong Assurance Bhd to commence negotiation with Mitsui Sumitomo Insurance Company of Japan towards a potential strategic partnership in relation to the insurance business, reports The Star (May 23, 2009).
"The prior approval of the Minister of Finance, based on the recommendation of Bank Negara, is required before the relevant parties enter into any agreement to effect the proposed Partnership," it said. "A detailed announcement will be made in the event definitive agreements relating to the proposed partnership are signed."
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