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Aviva sell-off gathers pace as Malaysian venture goes for £152m
by Brian Cantwell on Jan 17, 2013 at 12:03
Aviva’s restructure has gathered pace after the life company followed up the recent sale of its US venture and stake in Dutch provider Delta Lloyd by selling its 49% stake in a Malaysian insurer for £152 million.
In July 2012 then executive chairman John McFarlane announced plans to reduce costs by £400 million by the end of 2013 and said the life company was looking to exit up to 16 underperforming divisions.
The sale of its 49% stake in Malaysian firms CIMB Aviva Assurance Berhad and CIMB Aviva Takaful Berhad, both joint ventures with CIMB Group Holdings Berhad, to Sun Life, will net the provider £152 million.
Mark Wilson (pictured), Aviva chief executive, said: 'The sale realises a strong return for our shareholders and is a tangible step in our journey towards a more focused, higher performing organisation.'
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