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Sun Life acquires 51% shares of CIMB Sun Life Indonesia


JAKARTA (TheInsiderStories) – Sun Life Financial Inc (TSX:SLF) (NYSE:SLF), a Canadian based insurance company said it has agreed to acquire 51 percent shares of PT CIMB Sun Life from the CIMB Group.

Following the acquisition, CIMB Sun Life brand will be integrated into PT Sun Life Financial Indonesia (SLF Indonesia). The integration is part of Sun Life’s steps to comply with the Indonesian government ruling on single presence policy.

In addition to the acquisition, Sun Life has reached an agreement with CIMB Group to strengthen the two parties cooperation on providing bancassurance products, that are offered through PT Bank CIMB Niaga Tbk, the fifth largest bank in Indonesia in term of assets.

Kevein Strain,  president of Sun Life Financial Asia, said that the acquisition offers attractive opportunities for Sun Life to strengthen its presence in Asia. “We are also proud to strengthen our partnership with CIMB Group, which is also Sun Life’s long-term partner in offering bancassurance in Malaysia,” he said.

Following the integration of Indonesian business operation, SLF Indonesia will still be headed by Elin Waty as well as the Country Manager, while Vivien Kusumowardhani will retain her position as President Director of CIMB Sun Life Indonesia (CSL).

Sun Life however did not disclose the value of the shares acquisition.

CIMB Sun Life is a joint venture between CIG Berhad (CIG), part of Malaysia’s CIMB Group, PT Bank CIMB Niaga Tbk (CIMB Niaga), and Sun Life Financial Inc through PT Sun Life Indonesia Services. (*)

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Source: The Insiderstories
Sun Life acquires 51% shares of CIMB Sun Life Indonesia

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