"30/11/2009 - KASIKORNBANK has increased its shareholding in Muang Thai Group to 51% as part of a joint venture agreement with Muang Thai Group and Fortis, which creates a dominant force in the life insurance industry in Thailand with an enhanced business capacity and multi-distribution channel capabilities. Muang Thai Life's ambition to be the No.1 player in the Life Insurance industry in Thailand moves a step closer as a result of this joint venture which represents a strong combination of expertise across the three parties. Muang Thai Life allows KASIKORNBANK to broaden its financial services offering to an extensive customer base served by some 780 branches nationwide, while KASIKORNBANK benefits from access to Muang Thai Life's network of more than 20,000 nationwide capable of offering banking products and services. Fortis has enjoyed a successful partnership with Muang Thai Life since 2004 and this latest development will further cement that relationship allowing the company to prosper. Dennis Ziengs, CEO Fortis Insurance Asia, commented: ""We are excited about this expansion of the partnership with KASIKORNBANK and Muang Thai. We are confident that this transaction creates a solid basis for an acceleration of growth in sales, earnings and value creation for all stakeholders."" Bart De Smet, CEO Fortis, continued: "This joint venture in Thailand reflects the strength and value creation opportunities of Fortis' Asian businesses. In addition to Thailand, Fortis in Asia has similar and highly successful partnerships in China, Malaysia, and India as well as a wholly-owned subsidiary in Hong Kong."

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