Nasdaq-listed AGBA Group has entered into a sale and purchase agreement to acquire Singapore-based Sony Life Financial Advisers (SLFA) for an undisclosed sum.
Sony Life Financial Advisers is licensed financial adviser and insurance broker in Singapore.
The advice firm is a wholly-owned subsidiary of Sony Life Singapore, which is owned by Sony Life Insurance.
Yoshiki Moriyama, managing director and chief executive of Sony Life Financial Advisers Pte, said: “We are confident AGBA has the capabilities, resources and commitment to take SLFA to new heights. We will work together with AGBA to obtain regulatory and other approvals.
“As we do so, SLFA will continue to deliver the high standard of service that its customers have come to expect. When such approvals are given, Sony Life and AGBA are both committed to ensure an orderly and seamless transition. This agreement is good news for all stakeholders. We are committed to support AGBA and to ensure that SLFA is well positioned to succeed.”
Wing-Fai Ng, group president of AGBA Group Holding, added: “Singapore, in particular, holds magnificent potential for this, given its strategic geographical location and status as a global centre for innovation and finance.
“The acquisition of Sony Financial Advisers is a win-win solution for both companies as our businesses are similar and our products are complementary. Our expectation is for the latest acquisition of Sony Life Financial Advisers in Singapore to bring forth new prospects and promising business opportunities — especially in the Southeast Asian region.”
Trust acquisition
Elsewhere in the region, British and Malayan Holdings (BMH) has bought a 35% stake in Precepts Group International Pte Ltd (PGI) for an undisclosed sum.
Precepts Group, which was formerly known as Rockwills Singapore, is a Singapore service provider in Wills, trustee, corporate secretarial and academy for estate planners.
BMH has the option to acquire an additional 30% stake in the business. BMH is a SGX-listed trustee services group.
