HONG KONG/SINGAPORE Jan 13 A consortium of
Canada's Sun Life Financial Inc and Malaysian state investor
Khazanah Nasional Bhd has agreed to buy British insurer Aviva
plc's Malaysian insurance joint venture with CIMB Group for
about 1.7 billion ringgit ($563 million), sources said on
Sunday, helping the Canadian company to expand its Asian foot
Sun Life Financial Inc and Khazanah
edged out rival Manulife Financial Corp to win the
eight-month old auction, sources familiar with the sale process
Britain's No.2 insurer Aviva is exiting from marginal
markets across the world and the sale of Malaysian unit is part
of that overhaul. Last month, Aviva sold its U.S. business for
$1.8 billion, its biggest disposal, aimed at boosting its
underperforming share price.
The deal is expected to be signed on Monday, the sources
A Sun Life spokeswoman did not offer an immediate comment.
Aviva could not be reached for a comment immediately. CIMB and
Khazanah officials were not available for an immediate comment.