Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

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

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Play CIO Tapes: do investors have it as good as it gets?

CIO Tapes: do investors have it as good as it gets?

Citywire gathered three of the UK's leading fund investment heads to discuss what they fear and what makes them cheer about the year ahead

Read More
Your Business: Cover Star Club

Profile: Rathbone's Newcastle boss on the road to £1bn

Profile: Rathbone's Newcastle boss on the road to £1bn

Starting from zero assets on day one, Rathbone's Newcastle team now looks after just over £400 million in clients money

Wealth Manager on Twitter