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Aviva sell-off continues as £269m Turkish arm put up for sale

by Alex Steger on Feb 19, 2013 at 07:53

Aviva sell-off continues as £269m Turkish arm put up for sale

Aviva’s restructure continues apace as the life company has put its Turkish division, Aviva Sigorta, up for sale, according to the Daily Telegraph.

The division has a market value of £269 million.

The sale is the latest in a string of recent disposals by the insurance giant. Over the last six months it has sold its US business for £1.1 billion, Dutch firm Delta Lloyd for £671 million and has agreed to sell its 49% stake in a Malaysian joint venture for £152 million.

The sales are part of a restructure kicked off by chairman John McFarlane while he was in temporary charge after the departure of previous chief executive Andrew Moss.

The plans, which have been taken on by new chief executive Mark Wilson (pictured), will also see the company cut costs by £400 million

The sale of Aviva Sigorta will mean the company has completed 90% of its planned sales, with the remaining focus of its restructure now on cost cutting, according to the Telegraph.

1 comment so far. Why not have your say?

Anitaki

Feb 19, 2013 at 10:42

So many "good buys" that seem a good idea at the time, turn into "Goodbyes"

'Goodbye' £Millions

"Invest in haste and repent at leisure" applies not only to individual investors. When will these companies who consider themselves too big to make mistakes, ever learn??

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