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

Hanwha Life Insurance

08/06/2015 02:16

HONG KONG/JAKARTA, June 8 (Reuters) - Bank Rakyat Indonesia 
 BBRI.JK , the second largest lender by assets, has invited 
about six companies including BNP Paribas Cardif  BNPP.PA  and 
Tokio Marine Holdings Inc  8766.T  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  AGES.BR , South Korea's Hanwha Life Insurance Co 
 088350.KS  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  JPM.N  to manage the sale, and that the 
official bidding process would start next month. BRI expects to 
conclude the deal before year-end.  ID:nJ9N0XQ004  
    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) 
 ((anshuman.daga@thomsonreuters.com; +65 6403 5676; Reuters 
Messaging: anshuman.daga.thomsonreuters.com@reuters.net)) 
 
Keywords: BANK BRI INSURANCE/ )