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Aviva, CIMB urge shortlist suitors to place binding bids for Malaysian insurance JV

The UK underwriter Aviva and CIMB have requested bidders to submit binding bids to acquire their Malaysian insurance joint venture by 29 October.

Three underwriters including Prudential, Manulife Financial and Sun Life Financial are the potential suitors for the sale, after AIA backed due to its discussion with ING to acquire its Malaysian insurance unit, as reported by Reuters.

CIMB and Aviva established the joint venture in 2007, but the business failed to perform as expected since its inception.

Aviva had earlier planned to offload its 49% stake in the joint venture with an aim to concentrate on domestic operations, whereas CIMB that controls 51% stake in the insurance joint venture, also announced plans to dispose its whole stake.

JPMorgan has been hired by CIMB as an adviser for the execution of the potential deal, while Morgan Stanley will represent Aviva.