Reuters: Mergers News: Sun Life forms venture with PVI to push into Vietnam

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Sun Life forms venture with PVI to push into Vietnam May 31st 2012, 12:10 Thu May 31, 2012 8:10am EDT May 31 (Reuters) - Sun Life Financial Inc said Thursday it would form a joint venture with Vietnam's PVI Holdings that will allow Sun Life to sell insurance products in the South Asian country. Sun Life, Canada's No. 3 life insurer, said it will own 49 percent of the new entity, PVI Sun Life. Financial details of the transaction were not disclosed. "The company aims to become a market leader in the sector," Sun Life said in a statement. It expects the joint venture to commence operations before the end of the year, subject to regulatory approval. PVI Holdings is a Hanoi-listed subsidiary of state oil and gas group Petrovietnam, and is the leading non-life insurer in Vietnam. Toronto-based Sun Life is active in at least five Asian countries and has targeted growth in the region under new Chief Executive Dean Connor.

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