Aviva takes preliminary step in proposed initial public offering of its turkish life and pensions joint venture


WEBWIRE – Thursday, September 04, 2014

Aviva plc (“Aviva”) and Hacı Ömer Sabancı Holding A.S. (“Sabanci”) are assessing a potential initial public offering of a minority stake (up to 20%) in their life and pensions business AvivaSA Emeklilik ve Hayat A.S. (“AvivaSA”). As part of the process, AvivaSA has today submitted a Turkish-language prospectus (Izahname) to the Turkish Capital Markets Board for review, in accordance with Turkish regulation.

The potential initial public offering is part of Aviva’s and Sabanci’s strategy for AvivaSA, one of Aviva’s growth businesses and one of Turkey’s largest private pensions providers. AvivaSA provides life and pensions products to over two million customers. Its distribution network includes a bancassurance agreement with Akbank, one of the largest private banks in Turkey, and a fully-owned direct sales force, the largest in the country.  AvivaSA’s net asset value was £96.4m at 30 June 2014. Aviva currently holds 49.8% stake in AvivaSA.

Aviva partners in Turkey with Sabanci, one of the country’s largest business groups, with interests in fast-growing sectors such as financial services, energy, cement, retail and industry. Sabancı Holding is listed on the Istanbul Stock Exchange (Borsa İstanbul) and has controlling interests in 10 other listed companies.

The proposed offering is subject to important conditions, including market conditions and the approval of the shareholders and the Turkish Capital Markets Board, and there can be no assurance as to if or when the proposed offering may be launched or completed or as to the actual size or terms of the offering.

Notes to editors:




WebWireID190176





This news content was configured by WebWire editorial staff. Linking is permitted.

News Release Distribution and Press Release Distribution Services Provided by WebWire.