Norton Rose advises ING Asia/Pacific Limited on new Malaysian takaful joint venture

Norton Rose (Asia) LLP, , has advised ING Asia/Pacific Limited on the establishment of a family takaful joint venture in Malaysia, ING Public Takaful Ehsan, that is expected to generate over US$260 million by 2015.



The joint venture is between ING, Public Bank Bhd (PBB) and Public Islamic Bank Bhd (PIBB) who hold 60%, 20% and 20% equity participations respectively. PBB and PIBB are members of the Public Bank Group, the third largest banking group in Malaysia.

Jake Robson, corporate finance partner, Singapore commented:

?ING Public Takaful Ehsan brings together two giants in the financial industry that will together leverage their combined market leadership and infrastructure strength to deliver products in line with Bank Negara Malaysia?s move towards liberalisation of the financial services industry.?

The Norton Rose (Asia) LLP team was led by Jake Robson with Of Counsel Ken-Hui Khoo while Janet Looi from Skrine advised on Malaysian law issues.