Aviva puts Malaysian business on block: Sources
HONG KONG, May 9 – British insurer Aviva plc has put its Malaysian operations on the block and is close to hiring a bank to help with the sale process, sources familiar with the matter said, in a deal potentially worth about US$200 million (RM614.75 million).
The sale is part of Aviva’s retreat from non-core markets globally and comes at a time when Dutch financial firm ING is exiting its Asian insurance and investment management operations.
Aviva’s Asia-Pacific spokeswoman did not respond to a request for comment. Sources decline to be identified as the process is confidential.
Aviva entered the Malaysia market in June 2007 in a joint venture with CIMB Group, according to Aviva’s website.
CIMB is Malaysia’s second-largest lender by assets. – Reuters