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CIMB may offload 51% stake in insurance joint venture with Aviva

Malaysia based CIMB Group is planning to dispose of 51% stake in CIMB Aviva Assurance, the insurance joint venture (JV) formed in collaboration with the UK based underwriter Aviva.

Sources familiar with the matter were quoted by Bloomberg as saying that insurance companies including Prudential, Sun Life Financial and Manulife Financial have submitted their final offers to acquire the aforesaid stake in the JV.

Sale of the whole joint venture is expected to be valued at approximately $1bn, according to the sources.

During the first six months through June this year, CIMB Aviva Assurance had registered profit of MYR49.7m ($16.3m).

When questioned on the stake sale, spokesmen of CIMB, Aviva, Manulife, and Prudential declined to comment.

CIMB has also requested for permission from Malaysia’s central bank to dispose of its stake in the venture.

Headquartered in Kuala Lumpur, and with over 43,000 employees, CIMB Group trades in nine out of the 10 ASEAN nations, with exposure to 99% of the region’s population and has a presence in 18 countries.