Alexander Forbes has consolidated its position in Malaysia, following the completion of the merger of its Malaysian subsidiary with Sime Insurance Brokers.
Risk management and financial services group Alexander Forbes has consolidated its position in Malaysia, following the completion of the merger of its Malaysian subsidiary with Sime Insurance Brokers.
The new company, Sime Alexander Forbes Insurance Brokers, received regulatory approval from the insurance division of the Bank Negara Malaysia, late last week.
Alexander Forbes will have a 40% interest in the merged company, with Sime Darby holding the remaining 60%.
Alexander Forbes said the company, which is headquartered in Kuala Lumpur with a staff of over 100, would create a leading broking force in Malaysia.
Alexander Forbes Asia-Pacific region chairman David Batchelor said: "The combination of Sime Darby's premier position in Malaysia and the international risk management expertise of Alexander Forbes will provide a formidable partnership for the development of this venture.
"It provides Alexander Forbes with a substantial, quality partner and provides the business mass that would have been difficult to acquire on our own."
Sime Darby Berhad is an international group with a comprehensive range of business activities carried out by more than 26,000 employees in over 280 companies in 20 countries. It is listed on the main board of the Kuala Lumpur Stock Exchange and, as at 30 June 2001, had a market capitalisation of over $2.7bn (£1.9bn).
