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Aviva sell Malaysian interests

Aviva has sold its 49% stake in Malaysian joint venture CIMB for a cash consideration of £152m.

CIMB-Aviva is a joint venture between Aviva International Holdings Limited and CIG Berhad, which is owned by CIMB Group Holdings Berhad, parent of CIMB Bank, which is one of Malaysia’s largest banks.

The deal is part of a move from Aviva to leave less lucrative markets, and focus on areas where the firm is already in leadership positions, with the ability to generate “attractive returns.”

Mark Wilson, Chief Executive Officer of Aviva plc, said: “This is a good deal at an attractive valuation. The sale realises a strong return for our shareholders and is a tangible step in our journey towards a more focused, higher performing organisation.

“Together with the recent disposal of our remaining stake in Delta Lloyd, this has been a satisfactory start to the year.”

This was posted in Bdaily's Members' News section by Tom Keighley .

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