British insurer Aviva said on Friday it would pull out completely from Indonesia by selling its entire stake in joint venture PT Astra Aviva Life to its partner in the operation.
“The transaction is expected to complete in Q4 2020 and is subject to certain closing conditions,” Aviva said in a statement.
Aviva declined to say how much the sale will raise.
Regulatory approval will be needed in Indonesia, and the completion of Bangkok Bank’s acquisition of Permata Bank, Aviva Indonesia’s bancassurance partner, it said.
The shareholders of Bangkok Bank approved the acquisition of Permata Bank on 5 March 2020, Aviva said.
Aviva began a review of its Asia business in 2019 under new CEO Maurice Tulloch. It said in November that it had decided to keep its Singapore and China operations, but was considering options for its Indonesia, Vietnamese and Hong Kong businesses.
(Reporting by Huw Jones; editing by Rachel Armstrong)
Photograph: Aviva’s head office in London. Photo credit: Aviva.
Topics Mergers & Acquisitions
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