Deal will see Toronto-based company increase 49 per cent ownership to 100 per cent
As it attempts to extend its ventures overseas, Toronto-based Sun Life Financial Inc. has swooped to buy out one of its long time partners.
The company will acquire complete control of its joint venture in Indonesia after agreeing to pay for the remaining 51 per cent of PT CIMB Sun Life.
According to Sun Life, the plan is to integrate CIMB with its existing Indonesian subsidiary. It will also extend its deal with PT Bank CIMB Niaga, which is one of the leading banks in the country.
“This is an exciting opportunity to deepen and enhance our business in Indonesia, a priority market for our long-term growth in Asia,” said Kevin Strain, president of Sun Life Financial Asia.
“We had anticipated and positioned ourselves well to meet the ‘single presence’ policy, and uniting the businesses in SLF Indonesia will give us even greater ability to serve our customers. This includes more efficient investment in technology, products and brand. We’re also delighted to be strengthening our partnership with CIMB Group, who is also our long-term bancassurance partner in Malaysia.”
The deal, which is subject to regulatory approval, is expected to close in September. It will give Sun Life the opportunity to market products across CIMB Niaga’s 618 branches in Indonesia.
The company will acquire complete control of its joint venture in Indonesia after agreeing to pay for the remaining 51 per cent of PT CIMB Sun Life.
According to Sun Life, the plan is to integrate CIMB with its existing Indonesian subsidiary. It will also extend its deal with PT Bank CIMB Niaga, which is one of the leading banks in the country.
“This is an exciting opportunity to deepen and enhance our business in Indonesia, a priority market for our long-term growth in Asia,” said Kevin Strain, president of Sun Life Financial Asia.
“We had anticipated and positioned ourselves well to meet the ‘single presence’ policy, and uniting the businesses in SLF Indonesia will give us even greater ability to serve our customers. This includes more efficient investment in technology, products and brand. We’re also delighted to be strengthening our partnership with CIMB Group, who is also our long-term bancassurance partner in Malaysia.”
The deal, which is subject to regulatory approval, is expected to close in September. It will give Sun Life the opportunity to market products across CIMB Niaga’s 618 branches in Indonesia.
