TORONTO, March 23 (Reuters) - Canadian insurer Sun Life
Financial SLF.TO said on Wednesday it had agreed to buy the
remaining 51 percent of CIMB Sun Life (CSL) in Indonesia from
its partner CIMB Group CIMB.KL to further expand its presence
in a key Asian market.
Sun Life Financial , which currently owns large stakes in the
life insurance companies - 49 percent of CSL and 100 percent of
Sun Life Financial Indonesia - said it intends to integrate the
businesses to create a "single presence" in Indonesia.
Kevin Strain, President of Sun Life Financial Asia said
Indonesia was a priority market for Sun Life's long-term growth
plans in the region.
"We had anticipated and positioned ourselves well to meet
the "single presence" policy, and uniting the businesses in SLF
Indonesia will give us even greater ability to serve our
customers," Strain said in a statement.
The financial terms of the transaction were not disclosed.