JAKARTA – CIMB Group and Sun Life Financial signed an agreement forming a joint venture (JV) with the name of PT CIMB Wed Life.
The signing of the agreement consisting of bancassurance business agreement and shareholders agreement (Bancassurance and Shareholders Agreements) has agreed to last March 16, 2009, and the stock transfer agreement (Share Transfer Deed) then this will pave the way for the formation of a new company, namely PT CIMB Sun Life (formerly known as PT Commerce International), which is 51 percent owned by CIMB Group. Meanwhile Sun Life Financial will hold the remaining number of shares of 49 percent.
“This joint venture partnership opportunities for Bank CIMB Niaga to encourage the growth of its assurance business. It also proves our commitment to continue to expand our business in Indonesia. PT CIMB Sun Life will provide life insurance and protection products and other investments , which will assist them in achieving financial goals, “said President Director of Bank CIMB Niaga Arwin Rashid, in his written statement received Legal, Jakarta, Tuesday (28/7/2009).
PT CIMB Sun Life will officially operate in the third quarter of 2009 by combining the power of customer relationships and extensive distribution network of Bank CIMB Niaga, and global expertise in the insurance industry is owned by Sun Life Financial, a joint venture is expected to be able to work on developing bancassurance market rapidly in Indonesia.
PT CIMB Sun Life at the beginning of the operation will focus its services to three million customers Bank CIMB Niaga through more than 650 branches, before extending his reach to new customers.
“PT CIMB Sun Life combines the strength of the CIMB Group and Sun Life Financial to provide our customers the circuit protection solution that innovative spirit. We have a goal to become one of the leading players in the bancassurance industry in Indonesia,” said Chris Lossin, Country Manager, Sun Life Financial in Indonesia.
Within this structure of cooperation, Indonesia PT Sun Life Services, a subsidiary of Sun Life Financial, has a 49 percent stake in PT. CIMB Sun Life, an insurance company owned by CIMB Group. The rest, 51 percent of new company shares, will be owned by CIG Berhad, a holding company of CIMB Group is engaged in the insurance along with Bank CIMB Niaga. PT. CIMB Sun Life plans are ready for operation this year.
