Singapore Life (Singlife) intends to merge with Aviva Singapore in a deal valued at S$3.2 billion, which will make it one of the largest in the South-east Asian insurance sector and the largest in Singapore.
Singlife said the deal will bring its mobile savings and protection solutions to Aviva's 1.5 million strong customer base, and offer existing Singlife customers a deeper product range and advisory capabilities.
The transaction is subject to closing conditions, including regulatory approval, and is expected to complete by January 2021. The merger of the Singlife and Aviva Singapore legal entities is targeted to take place in H1 2021, subject to approval by the Singapore courts. Until the merger is complete, Singlife and Aviva Singapore will continue to operate independently.
When merged, the new combined business will initially be named Aviva Singlife, and will initially trade using both the Singlife and Aviva brands.
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