KUALA LUMPUR: Public Bank Bhd has entered into a conditional sale and purchase agreement with the estate of the late Tan Sri Dr Teh Hong Piow and Consolidated Teh Holdings Sdn Bhd (ConTeh) to acquire 44.15% equity interest in LPI Capital Bhd for RM1.72 billion.
Public Bank managing director and CEO Tan Sri Dr Tay Ah Lek says, “This will allow the enlarged Public Bank Group to establish an immediate market presence and strong foothold in the general insurance segment in Malaysia as a comprehensive complementary service to its current financial services and family takaful offerings.”
Public Bank and LPI Capital
Tay said the acquisition of LPI represents an opportunity to accelerate the vision to move towards a “universal banking model” that offers a range of financial and other related products and services under the same group.
LPI, a company listed on the Main Market of Bursa Malaysia, has been in operation for more than 60 years and is mainly involved in the underwriting of general insurance. It currently has 21 branches throughout Malaysia and one branch in Singapore, and operates in Cambodia through an associate company.
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