Cathay Life needs permission before it can raise stake in Indonesian bankBy Kao Shih-ching / Staff reporterCathay Life Insurance Co (國泰人壽) must apply to the Financial Supervisory Commission (FSC) before it can raise its stake in Indonesia’s Bank Mayapada Internasional Tbk PT beyond 40 percent, the commission said. The nation’s largest life insurer by market share has reportedly been conducting due diligence on raising its stake in the Indonesian lender from 37.33 percent to 51 percent, Reuters reported on Monday, citing an Indonesian regulatory official. Flags are displayed in front of the Cathay Life Insurance headquarters in Taipei’s Xinyi District in an undated photograph. While the Indonesian regulator has demanded the bank’s major shareholders inject capital to shore up its capital strength, Cathay Life has no such obligation, as the local insurer does not have a controlling stake in the lender, Tsai said. Cathy Life is still mulling raising its stake in Bank Mayapada, executive vice president Lin Chao-ting (林昭廷) said by telephone.

Source: Taipei Times July 15, 2020 15:56 UTC