Monday June 22, 10:15 AM
Insurer Aviva to sell Australian unit
LONDON (AFP) - Insurance giant Aviva (LSE: AV.L - news) said it has agreed to sell its Australian life and pensions business to National Australia Bank for 452 million pounds.
"The decision to sell ... is based on the belief that it would be challenging to reach a leading position in Australia in the foreseeable future in an increasingly consolidated market," Aviva said in a statement.
Aviva said it expected to complete the sale of Aviva Australia Holdings -- which also includes a wealth management arm -- in the third quarter of 2009 after passing regulatory hurdles.
Simon Machell, head of Aviva's Asia Pacific region, said the sale would allow the British group to "focus on the significant long-term growth markets of Asia, in particular, China and India."
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