Khazanah to Purchase 51% Stake in CIMB Aviva Assurance Bhd
CIMB Group, Malaysia’s second largest financial services provider, and Aviva Plc, a UK-based financial company, own a Malaysian joint venture called CIMB Aviva Assurance Berhad. Back in July 2007, Aviva International Holdings Limited paid RM 500 million for a 49% stake in the venture. They are both selling their stakes in CIMB Aviva Assurance Bhd.
CIMB is selling its entire controlling stake, 51%, to Khazanah Nasional Berhad for RM 1.53 billion (US$ 500 million). Aviva’s stake is still in discussions, as Manulife Financial Corporation and Sunlife both made bids.
As of June 30, 2012, CIMB Aviva Assurance Bhd has around 1.67 billion RM in total assets.