Malaysian regulators have approved the sale of a business in which IAG holds a 49% interest, paving the way for the insurer’s exit from the country.

Bank Negara Malaysia and the Minister of Finance have cleared the sale of AMGeneral Insurance Berhad to Liberty Insurance. The proposed transaction was announced last July.

Deal completion remains conditional on the Malaysian High Court approving a capital reduction and distribution to IAG of its share of the sale proceeds.

IAG entered Malaysia in 2006 as part of a previous Asia expansion, and said last year that it expected sale proceeds of $340 million based on the exchange rate at that time and subject to post-close adjustments.

The company’s only remaining Asian investment is a 13.93% interest in Bohai Property Insurance Company in China.