LONDON: Aviva plc, an international savings and insurance business has agreed to exit Indonesia by selling its entire shareholding in its joint venture in Indonesia, PT Astra Aviva Life, to Aviva’s joint venture partner, PT Astra International Tbk.

The transaction is expected to complete in Q4 2020 and is subject to certain closing conditions, including regulatory approval in Indonesia and the completion of Bangkok Bank Public Company Limited’s acquisition of PT Bank Permata Tbk (“Permata Bank”), Aviva Indonesia’s bancassurance partner.

The shareholders of Bangkok Bank approved the acquisition of Permata Bank on 5 March 2020.