Indonesia’s Bank Rakyat Receives Bids for Life Insurance Unit
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Talk are ongoing and an agreement could be made in the next few weeks. The insurance arm of the French bank BNP Paribas and Hong Kong insurance group FWD are said to be among the parties that have bid on a significant minority stake in Asuransi BRI Life, the life insurance arm of Indonesia’s Bank Raykat, Bloomberg reported on Thursday.
BNP Paribas Cardif has reportedly submitted the highest bid, according to people familiar with the matter, the report said.
According to the publication, this is at least the third attempt by the bank, Indonesia’s oldest lender, to sell a stake in the unit.
FWD and BNP Paribas Cardif were already among interested parties when Bank Rakyat tried to sell 40 percent of the unit in 2015. It revived the plan in 2018, hiring Morgan Stanley to advise on the process, though it was put on hold. It revived the plan to sell a $500 million stake in March this year.
Questions & Answers
Q.Which companies are reportedly interested in acquiring a stake in Asuransi BRI Life?
Which companies are reportedly interested in acquiring a stake in Asuransi BRI Life?
The insurance arm of French bank BNP Paribas, BNP Paribas Cardif, and Hong Kong insurance group FWD are said to be among the parties that have bid on a significant minority stake in Asuransi BRI Life.
Q.Which company has reportedly submitted the highest bid for the life insurance unit?
Which company has reportedly submitted the highest bid for the life insurance unit?
According to people familiar with the matter, BNP Paribas Cardif has reportedly submitted the highest bid for a stake in Asuransi BRI Life, the life insurance arm of Indonesia’s Bank Rakyat.
Q.How many times has Bank Rakyat attempted to sell a stake in its life insurance unit?
How many times has Bank Rakyat attempted to sell a stake in its life insurance unit?
This is reportedly at least the third attempt by Bank Rakyat to sell a stake in Asuransi BRI Life. Previous attempts were made in 2015 and 2018, before the plan was revived this March.
Q.What percentage stake did Bank Rakyat previously try to sell in 2015?
What percentage stake did Bank Rakyat previously try to sell in 2015?
In 2015, Bank Rakyat tried to sell 40 percent of the unit. FWD and BNP Paribas Cardif were also among the interested parties during that earlier attempt.
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