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Indonesia Bank Rakyat invites Cardif, Ageas to bid for insurance unit-sources
June 8, 2015 / 1:26 AM / in 2 years

Indonesia Bank Rakyat invites Cardif, Ageas to bid for insurance unit-sources

HONG KONG/JAKARTA, June 8 (Reuters) - Bank Rakyat Indonesia , the second largest lender by assets, has invited about six companies including BNP Paribas Cardif and Tokio Marine Holdings Inc to bid for a 40 percent stake in its insurance unit, sources said.

The deal could value state-run BRI's insurance unit, BRIngi Life, at $1 billion-$1.5 billion and grant the buyer access to one of the fastest growing and most under-insured markets in Asia.

BRI has also invited other suits including Belgian insurer Ageas SA, South Korea's Hanwha Life Insurance Co in a deal that could bring in up to $600 million, the people familiar with the matter said.

BRI declined to give further details. Last month, it said it had hired J.P. Morgan to manage the sale, and that the official bidding process would start next month. BRI expects to conclude the deal before year-end.

Ageas, BNP Paribas Cardif and Tokio Marine declined to comment. A Hanwha spokesman said it does not yet have a concrete plan concerning the asset.

The sources declined to be identified as the discussions are confidential. (Additional reporting by Cindy Silviana in JAKARTA, Leigh Thomas in PARIS,; Anshuman Daga in SINGAPORE, Taiga Uranaka in TOKYO, and Joyce Lee in SEOUL; Reporting by Denny Thomas and Fransiska Nangoy; Editing by Miral Fahmy)

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