CIMB Sold Aviva - Sun Life

A consortium of Canada's Sun Life Financial Inc and Khazanah Nasional Bhd has agreed to buy British insurer Aviva plc's Malaysian insurance joint venture with CIMB Group for about RM1.7bil (349 million pounds), sources said on Sunday, helping the Canadian company to expand its Asian foot print.

Sun Life Financial Inc and Khazanah edged out rival Manulife Financial Corp to win the eight-month old auction, sources familiar with the sale process said.

Britain's No.2 insurer Aviva is exiting from marginal markets across the world and the sale of Malaysian unit is part of that overhaul. Last month, Aviva sold its U.S. business for $1.8 billion (1.1 billion pounds), its biggest disposal, aimed at boosting its underperforming share price.