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. (Indonesia Today)