Manulife Financial Corp. (MFC) announced that it has signed an agreement to purchase Fortis Bank SA/NV's 49% ownership in ABN AMRO TEDA Fund Management Co., Ltd. for cash purchase consideration of EUR105 million or US$156 million.
The company said that the acquisition is expected to be accretive to Manulife Financial earnings in the first year and have a negligible impact on capital levels. The agreement is subject to regulatory approval and is expected to close in the first quarter of 2010.
The new joint venture, which will be called Manulife TEDA Fund Management Company Ltd., will provide traditional retail and institutional asset management across the Chinese market, the company said.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.