May 28, 2015 / 10:13 AM / in 3 years

Indonesia's Bank Rakyat hires adviser to sell stake in planned insurance arm-exec

JAKARTA, May 28 (Reuters) - Indonesia’s second largest bank by assets PT Bank Rakyat Indonesia has appointed JPMorgan to help sell a stake in a life insurance unit which the lender is in the process of buying, director Haru Koesmahargyo told Reuters on Thursday.

Bank Rakyat is currently taking over the ownership of BRIngin Life, the insurance unit, from BRI’s pension fund, Koesmahargyo said. It is yet to set a value for the potential share sale and plans to keep at least 50 percent control of the insurance unit, he said.

The share sale is expected to be concluded before the end of the year, Koesmahargyo said (Reporting by Cindy Silviana; Writing by Fransiska Nangoy; Editing by Muralikumar Anantharaman)

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