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Sun Life Financial Inc And Khazanah Nasional Berhad To Acquire CIMB Aviva Assurance Berhad

Thursday, 17 Jan 2013 04:57am EST 

Sun Life Financial Inc and Khazanah Nasional Berhad (Khazanah) are establishing a strategic partnership to acquire 98% of CIMB Aviva Assurance Berhad, a Malaysian life insurance company, and CIMB Aviva Takaful Berhad, a Malaysian takaful company (together, the Company), in a transaction valued at MYR1.80 billion (CAD586 million). Sun Life and Khazanah are each paying MYR900 million (CAD293 million) in respect of the transaction, which includes entering into a new 20-year exclusive bancassurance agreement with CIMB Bank. Sun Life and Khazanah are each acquiring 49% of the Company from Aviva International Holdings Limited and CIMB Group Holdings Berhad (CIMB Group), respectively. CIMB Group will retain a 2% share in the Company. The transaction includes an exclusive right to distribute insurance products, including takaful products, through CIMB Bank's network across Malaysia. The transaction is expected to close by the first half of 2013.