Sun Life, Khazanah Nasional Berhad Partnership to Purchase CIMB Aviva

Sun Life Financial (NYSE: SLF) (Sun Life) and Khazanah Nasional Berhad (Khazanah) are establishing a strategic partnership to acquire 98 per cent of CIMB Aviva Assurance Berhad, a Malaysian life insurance company, and CIMB Aviva Takaful Berhad, a Malaysian takaful company (together, the Company), in a transaction valued at 1.80 billion Malaysian Ringgit (RM) (C$586 million). Sun Life and Khazanah are each paying RM900 million (C$293 million) in respect of the transaction, which includes entering into a new 20-year exclusive bancassurance agreement with CIMB Bank.Sun Life and Khazanah are each acquiring 49 per cent of the Company from Aviva International Holdings Limited and CIMB Group Holdings Berhad (CIMB Group), respectively. CIMB Group will retain a two per cent share in the Company.The transaction includes an exclusive right to distribute insurance products, including takaful products, through CIMB Bank's network across Malaysia. This network includes 312 branches across the country and eight million customers."This transaction is perfectly aligned with our strategy for expanding our footprint in Asia," said Kevin Strain, President, Sun Life Financial Asia. "With Khazanah and CIMB, we have See full press release