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Khazanah, Sun Life in talks over $750 mln Malaysian insurance deal -sources

Reuters

KUALA LUMPUR/SINGAPORE, July 19 (Reuters) - Canada's Sun Life Financial Inc and Malaysian sovereign wealth fund Khazanah Nasional are in talks to buy the insurance business of Hong Leong Financial Group Bhd, two banking sources said on Tuesday.

The deal, valued by the sources at about 3 billion ringgit ($752.26 million), would allow the Canadian firm to expand further into growing Asian markets while Khazanah would get a strong foothold in the insurance business.

Khazanah and Sun Life are considering making a joint offer for Hong Leong's 70 percent stake in Hong Leong Assurance Berhad and its 65 percent stake in Islamic insurer Hong Leong MSIG Takaful Berhad, the sources said. ($1 = 3.9880 ringgit) (Editing by Stephen Coates)