Life insurer MLC has purchased the remaining interests in its Hong Kong subsidiary, HKMLC Holdings, for $148 million. The National Australian Bank-owned insurer previously held 62% of HKMLC.

The option for MLC to acquire the remaining part of its Hong Kong business was available as part of its November 2000 joint venture agreement with HKMLC Holdings.

In a statement to the Australian Stock Exchange, MLC says it will be “business as usual” for the Hong Kong business, with no impact on jobs as a result of the acquisition.