FWD Group to acquire the life insurance unit of Siam Commercial Bank.

FWD Group Financial Services, a pan-Asian life insurer, agreed to acquire SCB Life Assurance, a provider of insurance services, from The Siam Commercial Bank. Financial terms were not disclosed. “The bancassurance business remains a key long-term strategic priority for us. The establishment of this partnership with FWD will help create significant long-term value for our customers, shareholders, employees, and other key stakeholders, bringing together the unique strengths of both SCB and FWD. In addition, FWD, as a leading regional insurer with best-in-class customer propositions, strong digital capabilities, and a highly experienced management team, shares our long-term growth aspirations for the life insurance business in Thailand and the value of customer-centricity, which underscore our commitment to clients and this partnership,” Arthid Nanthawithaya, SCB Chief Executive Officer and Chairman of Executive Committee.