Singapore Addresses Concerns About $1.7 Billion Allianz Deal (1)

Singapore ministers addressed concerns about Allianz SE’s plan to buy a majority stake in Income Insurance Ltd., saying it would be held to account on its commitments and that the potential deal isn’t expected to adversely impact competition in the sector.

Europe’s biggest insurer plans to buy at least 51% of Income Insurance from NTUC Enterprise Co-operative Ltd. to strengthen its presence in Asia. The proposed S$2.2 billion ($1.7 billion) transaction has drawn a firestorm of comments since it was announced last month, including from veteran Singaporean diplomat Tommy Koh and the former chief executive officer of both ...