In a statement, Aviva said: “The transaction is expected to complete in Q4 2020 and is subject to certain closing conditions.”
The company said that regulatory approval will be needed in Indonesia, as well as the completion of Bangkok Bank’s acquisition of Permata Bank, Aviva Indonesia’s bancassurance partner. It also said that the shareholders of Bangkok Bank approved the acquisition of Permata Bank on March 05, 2020.
The news follows the review Aviva began of its Asia business in 2019 under new CEO Maurice Tulloch. The insurer said in November that it had decided to keep its Singapore and China operations, but was considering options for its Indonesia, Vietnamese and Hong Kong businesses.
