Discuss are ongoing and an settlement may very well be made within the subsequent few weeks. The insurance coverage arm of the French bank BNP Paribas and Hong Kong insurance coverage group FWD are mentioned to be among the many events which have bid on a big minority stake in Asuransi BRI Life, the life insurance coverage arm of Indonesia’s Bank Raykat, Bloomberg reported on Thursday.
BNP Paribas Cardif has reportedly submitted the best bid, in keeping with individuals conversant in the matter, the report mentioned.
In keeping with the publication, that is a minimum of the third try by the bank, Indonesia’s oldest lender, to promote a stake within the unit.
FWD and BNP Paribas Cardif have been already amongst events when Bank Rakyat tried to promote 40 p.c of the unit in 2015. It revived the plan in 2018, hiring Morgan Stanley to advise on the method, although it was placed on maintain. It revived the plan to promote a $500 million stake in March this yr.