Manulife comes of age in Asia with China JV

Nov 24, 2009

The Canadian insurer gets a head-start in China by buying a 49% stake in the ABN Amro Teda Fund Management joint venture from BNP Paribas.

After a long struggle that started in April last year, a 49% stake in China joint venture ABN Amro Teda Fund Management has finally found a new owner. Canadian insurance group Manulife said yesterday it has signed an agreement with Fortis Bank -- now part of French bank BNP Paribas -- to buy the holding for €105 million, subject to approval by the China Securities Regulatory Commission.

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