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Aviva to retain stake in Friends Provident International

Credit: REUTERS/SIMON DAWSON

Aviva PLC said on Thursday that it had completed the sale of its Asia and Middle East-focused Friends Provident International business, but is retaining a stake in the business having revised the deal's terms.

July 16 (Reuters) - Aviva PLC AV.L said on Thursday that it had completed the sale of its Asia and Middle East-focused Friends Provident International business, but is retaining a stake in the business having revised the deal's terms.

Aviva said it has sold a 76% stake in Friends Provident International to International Financial Group (IFG) for 259 million pounds ($325.15 million). It had previously announced it was to sell 100% of the business to IFG for 340 million pounds.

The European insurer said the changes to the deal would have minimal impact on its capital ratio.

($1 = 0.7966 pounds)

(Reporting By Rachel Armstrong)

((Rachel.Armstrong@thomsonreuters.com;))

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