2018.02.1821:42:00UTC+00SoftBank Looks to be Part of Swiss Re Board in Investment Talks

Japanese conglomerate SoftBank is seeking to be part of Swiss Re's board of directors to have a say in how the reinsurer oversees its $161 billion in investments, as negotiations progress over the purchase of a large minority stake.

SoftBank founder and CEO Masayoshi Son will convene with Swiss Re chairman Walter Kielholz in the following weeks as the two parties look to reach an agreement that would give the Japanese firm a footing in the global insurance industry.

Discussion now revolves around an agreement that would see SoftBank becoming an anchor stakeholder in Swiss Re holding a 20 to 30 percent stake and acquiring several seats on the firm's board, according to sources.

By doing so, SoftBank would bolster its presence in the financial services sector and grant it influence in how Swiss Re manages its $161 billion portfolio.

Swiss Re has a market value of $35.3 billion after rising 4.5 percent since it confirmed reports of holding preliminary talks with SoftBank earlier this month. An agreement for 30 percent of the firm is estimated to be around $10.6 billion before the addition of any premium.