Indonesia’s Bank Rakyat Receives Bids for Life Insurance Unit

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.