Avivia, the UK insurer, has announced the sale of its Singapore business to its local rival for £1.6bn. Aviva Singapore will retain a 25% minority share in the business, the company confirmed. The new entity will be known as Aviva Singlife. Singlife will become the largest shareholder in the new company. According to Aviva, Ray Fergusonwill continue as the chairman of Aviva Singlife. Singlife's group CEO,Walter de Oude,will be deputy chairman and current Aviva Singapore CEO Nishit Majmudarwill be appointed CEO. Amanda Blanc, Aviva's CEO, said the sales is "a significant first step ...
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