RPT-UPDATE 1-Sun Life, Khazanah to buy Aviva's Malaysian ops-sources

Sun Jan 13, 2013 4:51am EST
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* Deal to be formally signed on Monday-sources

* Sun Life to buy Aviva's 49 pct stake in JV

* Khazanah to buy CIMB's stake in JV

* Foreign insurers eyeing Southeast Asia expansion

By Denny Thomas and Saeed Azhar

HONG KONG/SINGAPORE, Jan 13 (Reuters) - Canada's Sun Life Financial and Malaysian state investor Khazanah have agreed to buy Aviva's Malaysian insurance joint venture with lender CIMB for about 1.7 billion ringgit ($563 million), sources said on Sunday.

The deal will help the Canadian company expand its Asian footprint.

The consortium of Sun Life Financial Inc and Khazanah Nasional Bhd edged out rival Manulife Financial Corp to win the eight-month old auction, sources familiar with the sale process said.   Continued...