Malaysia's CIMB to form insurance jv with Sun Life

KUALA LUMPUR, March 16 (Reuters) - Malaysia's second-largest lender CIMB Bank BUCM.KL and Canada's Sun Life Financial (SLF.TO) have agreed to form an insurance joint venture in Indonesia, the Malaysian bank said on Monday.

As part of the joint venture arrangement, CIMB will sell a 49 percent stake in Indonesia's PT Commerce International to Sun Life Financial for $22.7 million. The Malaysian lender will control the remaining 51 percent share following the sale.

The joint venture will later be renamed as CIMB Sun Life, which will sell insurance products and services in the $4.7 billion Indonesian insurance market.

(Reporting by Soo Ai Peng; Editing by Julie Goh)