FWD Group, backed by Richard Li, acquired a 49% stake in Malaysian insurance unit of HSBC.

HSBC Holdings’ Asia Pacific insurance unit has received regulatory approval to divest its 49% stake in the Malaysian life insurance joint venture to Hong Kong-based FWD Group, owned by tycoon Richard Li. Financial terms were not disclosed. The deal to sell the stake in HSBC Amanah Takaful Malaysia Bhd has got the approval from the Malaysian central bank. “We have decided to exit the takaful manufacturing business and focus on our banking operations in Malaysia,” Stuart Milne, HSBC Malaysia unit chief.