Aviva Leaves Turkey With £122M Sale Of Local Unit

Law360, London (February 24, 2021, 4:20 PM GMT) -- Insurance giant Aviva stepped up its international shake-up on Wednesday, announcing that it will sell its Turkish business for £122 million ($172 million) to Ageas Insurance International NV.

The British insurer said it has agreed to sell its entire 40% shareholding of AvivaSA Emeklilik ve Hayat AS, known as Aviva SA, to Ageas, which is headquartered in Belgium.

The deal sees Aviva's joint venture partner Sabancı Holding retain its 40% shareholding, the U.K. insurance giant said. It added that the deal would boost the capital buffer it was required to hold on to under Europe's Solvency II Directive by £100 million....

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