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Strategies & Market Trends : Asia Forum
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To: Rational who wrote (138)12/25/1997 7:36:00 PM
From: Stitch  Read Replies (1) of 9980
 
Sankar,

<find it hard to believe that US companies own 60% of banking and insurance globally. I would like to have facts. But, my feeling is that they own virtually nothing in Asia or Africa and a trickle in Europe.>

I can go back to recent news stories to validate the following if necessary but: recent relaxation in ownership laws in Malaysia were a part of the World Trade Organization's negotiations and subsequent ratification of new rules which occured in Geneva recently. These have resulted in the ability of overseas companies to hold up to 51% of Malaysian corporations. The interesting fallout was the questionable status of companies formed before the prior nationalistic laws ever went into effect, specifically American Insurance Assoc., (AIA) which held 100% of wholly owned subsidiary here. The question came up as to whether or not they would be forced to divest a per centage of the company to bring ownership into line with the newly agreed levels. Presumably they had escaped a retro enforcement up to this time. The locals (Anwar et. al.) were playing it cute in the press at my last reading. My point is that here is the largest local insurer 100% owned by an American company which sort of debunks your comment captioned above. I agree this is anecdotal and only one company.
Best,
Stitch
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