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Genworth Hits More Roadblocks in Merger Approval

Genworth Financial has hit another roadblock while trying to merge with a Chinese insurance company. According to reports, this isn't the first time the company has struggled to complete the deal.

"The deal is on hold because of consumer data protection concerns, Genworth said in a press release," according to National Mortgage News.

"On Jan. 2, MoneyGram terminated its agreement to be acquired by a Chinese company, Ant Financial, following its inability to obtain CFIUS approval for the transaction. President Trump expressed opposition to such deals during the election campaign."

Genworth Financial has turned over profits consistently in the mortgage sector, however it has struggled on the life insurance side. China Oceanwide is looking to acquire the business for a whopping $2.7 billion.

The privacy of customers' personal data is the major issue at hand. Though, the company has ensured the public that they have been working to maintain the protection of such data.

To learn more about the struggles within the Genworth Financial merger, click on the image above.

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