Richard Li eyes SE-Asia expansion
HONG KONG: Tycoon Richard Li's Pacific Century Group is stepping up its search for assets in Southeast Asia after spending more than US$2 billion (RM6.3 billion) to acquire insurance units at home and in Macau and Thailand.
The company has been considering options to extend its presence over the last six to 12 months, Ronald Arculli, who was named chairman of the insurance unit FWD Group, said yesterday.
The group will pursue acquisitions or strategic partners and new licences, he said.
"Southeast Asia is the more obvious of the opportunities," said chief operating officer Julian Lipman. The growth of the "under-served" insurance markets in Indonesia, Vietnam and the Philippines are all attractive, he said.
The move puts Richard Li, son of Asia's richest man Li Ka-Shing, in competition with Japanese insurers that have targeted the region's growth potential to counter an ageing society and shrinking population at home. Bloomberg