SINGAPORE - Since the Asian financial crisis, when Singapore pushed its banks to consolidate, the Republic has been familiar with seeing lenders look for merger partners. More recently, parts of the ANZ consumer franchise in several markets, including Singapore, were bought by local giant DBS Group Holdings.
Consolidation in the insurance industry, though, has been rare. So, when home-grown insurtech start-up SingLife announced it was taking a 75 per cent stake in the local operations of British giant Aviva, there was more than ordinary excitement over the $3.2 billion deal, the largest in the insurance space on the island.
Already a subscriber? Log in
Read the full story and more at $9.90/month
Get exclusive reports and insights with more than 500 subscriber-only articles every month
ST One Digital
$9.90/month
No contract
ST app access on 1 mobile device
Unlock these benefits
All subscriber-only content on ST app and straitstimes.com
Easy access any time via ST app on 1 mobile device
E-paper with 2-week archive so you won't miss out on content that matters to you
