AIA, Manulife to bid for SCB's life insurance business

SINGAPORE: AIA Group Ltd and Manulife Financial Corp are among bidders for Siam Commercial Bank Pcl’s life insurance operations in what could be the biggest-ever acquisition of a South-East Asian insurer, people with knowledge of the matter said.

Thai billionaire Charoen Sirivadhanabhakdi is partnering with Singapore’s Great Eastern Holdings Ltd on a non-binding offer, while Hong Kong tycoon Richard Li’s FWD Group and, separately, Prudential Plc have also bid, according to the people. Bidders for SCB Life Assurance Pcl are expected to be short-listed this month, said one of the people, who asked not to be identified because the process is private.