Sun Life Financial Indonesia has finalized its merger with CIMB Sun Life, following the former’s acquisition of 51% of the latter’s shares, valued at US$41.8 million.
According to Sun Life Financial Indonesia president and director Elin Waty, the merger was conducted between April and June 2016 and was in line with the Indonesian government’s single presence policy. After the transaction, Sun Life is now the sole surviving entity.
Waty said: “We warmly welcome CIMB Sun Life’s employees and look forward to working together as a unified business with an even greater ability to serve our clients.”
CIMB Sun Life was a subsidiary of the Malaysian financial group CIMB, which has over 40,000 employees in 18 countries.
Meanwhile, Kevin Strain, president of Sun Life Financial Asia, said that the transaction is part of the company’s effort to strengthen and consolidate its business across various Asian markets. It would also strengthen Sun Life Financial’s initiative to invest US$40 million to increase its online penetration and improve its brand presence in Indonesia under a single brand.
Strain added: “The life insurance sector in Indonesia has enormous potential and is a priority market for our long-term growth in Asia.”
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