FWD hires ex-Deutsche Bank dealmaker


HONG KONG: FWD Group, the insurer backed by Hong Kong billionaire Richard Li, has hired former Deutsche Bank AG dealmaker Tan Boon-Kee as senior adviser for mergers and acquisitions.

Tan, who will be based in Singapore, started in her new role at the acquisitive Asian insurer last week, a representative for FWD said in response to Bloomberg queries.

Tan was Asia Pacific head of Deutsche Bank’s financial institutions group.

FWD has been hiring executives as it expands in Asia’s fastest-growing economies. Last year, it named Arthur Lee executive vice-president for new markets and corporate governance and appointed Ken Lau as Greater China managing director and chief executive officer for Hong Kong and Macau.

The group agreed in October to buy control of Commonwealth Bank of Australia’s Indonesian life insurance arm.

In 2017, it bought American International Group Inc’s Japanese life unit, after earlier making acquisitions in Singapore and Vietnam.

Backed by Swiss Re AG, FWD also has held preliminary discussions with investment banks about a possible IPO, people familiar with the matter said in June.

FWD, which manages more than $28 billion of assets, had over 3 million customers spread across eight Asian markets, according to its website. — Bloomberg.


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