Taiwan regulator confirms Nan Shan sale terms
Taiwan's Financial Supervisory Commission has confirmed its five conditions for allowing the prospective buyers of Nan Shan Life Insurance, including Primus Financial Holdings, to acquire the local insurance major from American International Group.
According to the reports, the buyers must be: professionally able to run an insurer, committed to managing it over the long term, able to meet future funding needs, compliant with Taiwan's funding and investment regulations, and ready to guarantee benefits for Nan Shan employees and policy-holders.
The implications for the prospective $2.2 billion deal are not fully clear, but the consortium might fall foul of some provisions. Primus's strategic partner in the deal, Hong Kong-listed China Strategic Holdings, was previously involved in very different businesses, and was suspected of being a conduit for mainland Chinese money, in contravention of Taiwan's investment rules.
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