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Aviva exits Malaysia
BRITISH insurance firm Aviva has put its Malaysian operations on the block and is close to hiring a bank to help with the sale process, according to reports.
The deal, which is in its early stages, could raise around $200m (£124m).
Aviva has a long held ambition to exit non-core markets as part of strategy initiated by former chief executive Andrew Moss.
But it is thought Moss’ decision to quit last Tuesday may delay the sale.
Aviva entered Malaysia in June 2007 in a joint venture with CIMB Group, paying 500m ringgit (£100m) for a 49 per cent stake in the firm.
The Asian insurance market is growing fast but small operations find it hard to gain market share.
Aviva declined to comment.