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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