China

Huabang Financial to Acquire 44.9% of Israel-based Insurance Company Clal Insurance

Summary:

  • Huabang Financial Holdings Ltd (3638.HK) recently announced that it has reached an agreement to acquire 24.89 million shares, or a 44.9% stake, in Israel-based insurance company Clal Insurance Enterprises Holdings Ltd.(CLIS.TA), as reported by Jrj.com.
  • Further details including the transaction amount are not yet available.

Why It Matters:

  • Clal Insurance Enterprises Holdings is one of Israel’s largest insurance companies, providing a variety of services, including life insurance, health insurance, pension plans, and other types of insurances, through itself and its subsidiaries.
  • Clal Insurance Enterprises Holdings’ main operating subsidiary is Clal Insurance Company Limited, which was founded in 1962 and¬†was formerly known as Yuval Insurance Company Ltd.
  • Based in Hong Kong and starting as a computer accessories manufacturer and seller,¬†Huabang Financial has recently transformed into a conglomerate covering various financial services including corporate financing, financial advisory, and financial loans, etc.