U.K. Insurer Aviva PLC (AV.LN) has taken full control of its Vietnam life insurance joint venture, by acquiring VietinBank's 50% stake in VietinBank Aviva Life Insurance Ltd., for an undisclosed sum.
Aviva said Friday it has also signed a new distribution agreement with VietinBank to sell life and health insurance products through VietinBank's network.
Aviva Vietnam was founded in 2011. Aviva said taking full ownership of the joint venture will help it focus on growing the business across all key distribution channels and will also simplify Aviva's operating structure in the region.
The transaction is subject to customary closing conditions including regulatory approvals, it said.
At 0810 GMT, Aviva shares were up 1 pence, or 0.3%, at 508 pence, valuing the company at 20.67 billion pounds ($26.44 billion).
-Write to Razak Musah Baba at firstname.lastname@example.org; Twitter: @Raztweet
(END) Dow Jones Newswires
April 21, 2017 04:37 ET (08:37 GMT)