ISTANBUL, Feb 18 (Reuters) - British insurer Aviva Plc has mandated Barclays to sell its Turkish unit Aviva Sigorta, a non-life insurance company, three sources with knowledge of the process said on Monday.
Aviva had said in a statement to the Istanbul Stock Exchange on Nov. 21 that it would look into strategic options for its Turkish unit.
“Aviva mandated Barclays to sell the whole unit,” one of the sources said.
“It’s a pretty tough sell as they don’t have a banking distribution channel but there could be some buyers who are looking for small-medium assets,” another source said, adding that the deal was not imminent.
Aviva declined to comment.
Aviva Sigorta share were trading down 0.2 percent at 4.90 lira on Monday, giving it a market value of 735 million lira ($416 million).