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BIG STAKE: Aviva is selling its controlling interest in Aviva NDB to rival AIG

BRITISH insurer Aviva said on Thursday (September 27) it had agreed to sell its majority stake in a joint venture with Sri Lanka’s NDB Bank to rival AIG for INR2,651 million (£ 31 million).

“Aviva plc announces that it has agreed to sell its controlling 58.44 per cent interest in Aviva NDB to American International Assurance Company, Limited, a subsidiary of AIA Group Limited, for a consideration of INR 2,651 million payable in cash,” Aviva said in a statement.

“The sale of our stake in Aviva NDB is an example of further progress towards narrowing the group’s focus, as we concentrate on fewer business segments where we can produce attractive returns with a high probability of success,” Aviva chairman John McFarlane said.

The transaction, which remains subject to regulatory approval, was expected to close before the end of the year.

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