Aviva pulls out of Indonesian joint venture

Earlier today it was reported by Reuters that the British insurance giant, Aviva, has said that it will sell its entire stake in joint venture PT Astra Aviva Life to its partner in the operation, and pull completely out of Indonesia. Aviva has declined to say how much the sale will raise. 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.