Sun Life Financial to increase stake in PVI Sun Life to 75%.
Global Banking News-November 13, 2015--Sun Life Financial to increase stake in PVI Sun Life to 75%
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Global Banking News - 13 November 2015
Sun Life Assurance Company of Canada, a wholly owned subsidiary of Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) and PVI Holdings (HNX: PVI), has announced an agreement under which Sun Life will increase its equity ownership in PVI Sun Life Insurance Company Limited, its joint venture insurance company in Vietnam, from 49 percent to 75 percent by acquiring from PVI an additional 26 percent of the charter capital of the company.
Terms of the transaction have not been disclosed. The transaction is subject to regulatory approvals in Vietnam and Canada and is expected to close in the first quarter of 2016.
PVI Sun Life will leverage Sun Life's global expertise and experience in life insurance and pensions and PVI's strong Vietnamese brand, reputation, customer base and distribution strengths. Since its launch in 2013, PVI Sun Life has established itself as the sixth largest life insurance provider and a market leader and industry pioneer in pensions.
'PVI is pleased to be continuing its successful partnership with Sun Life and will remain deeply involved in PVI Sun Life both as a strategic investor and as a distribution partner,' said Bui Van Thuan, CEO of PVI.
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|Publication:||Global Banking News (GBN)|
|Date:||Nov 13, 2015|
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