Jakarta, July 28, 2009 – CIMB Group and Sun Life Financial today announced the signing of the joint venture formation agreement as agreed on March 16, 2009. The signed of the Bancassurance and Shareholders Agreement and the Share Transfer Deed paves the way for the creation a new entity called PT CIMB Sun Life (formerly known as PT Commerce International), which will be 51 percent owned by CIMB Group. Sun Life Financial will hold the remaining 49 percent.
PT CIMB Sun Life will become the major provider of life, accident and health insurance products and services to CIMB Niaga customers following commencement of PT CIMB Sun Life operations in the third quarter of 2009. By combining Bank CIMB Niaga’s customer relationship management and extensive distribution network with Sun Life Financial’s global expertise in the insurance industry, the joint venture expects to tap into the fast growing bancassurance market in Indonesia.
Bank CIMB Niaga Bank President Director, Arwin Rasyid said, “The signing of this joint venture agreement will provide an opportunity for Bank CIMB Niaga to boost our bancassurance business, further demonstrating our commitment to growing our business in Indonesia. PT CIMB Sun Life will offer our customers a range of market leading life insurance, protection, and investment products that will support them in reaching their financial goals.”
PT CIMB Sun Life, the newly formed joint venture company, will focus initially on providing services to the three million customers served by Bank CIMB Niaga’s nationwide network of over 650 retail branches before expanding its reach to attract new customers.
“PT CIMB Sun Life combines the strengths of CIMB Group and Sun Life Financial to provide our Indonesian customers with more choices in securing their financial future. By providing our customers with an innovative range of life insurance solutions, we aim to become one of the leading players in the bancassurance industry in Indonesia,” said Chris Lossin, Country Manager of Sun Life Financial in Indonesia.
The structure of the deal has PT Sun Life Indonesia Services, a wholly owned subsidiary of Sun Life Financial, hold 49 percent of share in PT CIMB Sun Life, a licensed insurance company owned by CIMB Group. The remaining 51 percent of the new company is held by CIG Berhad, the insurance holding company of CIMB Group, and Bank CIMB Niaga. For the next, PT CIMB Sun Life will be ready to commence its operations later this year.
PT CIMB Sun Life plans a range of announcements in coming months, including the appointment of the Board of Directors and Board of Commissioners, new product launches, the commencement of its tele marketing operations and the development of other distribution channels.
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About CIMB Group
CIMB Group is Malaysia’s second largest financial services provider and one of Southeast Asia’s leading universal banking groups. It offers consumer banking, investment banking, Islamic banking, asset management and insurance products and services. Headquartered in Kuala Lumpur, its key regional offices are located in Singapore, Indonesia and Thailand.
CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the majority shareholder of Bank CIMB Niaga in Indonesia, and the single largest shareholder of CIMB Thai in Thailand. CIMB Group is owned by Bumiputra-Commerce Holdings Bhd, which is listed on Bursa Malaysia with a market capitalisation of approximately US$8.93 billion as at May 14, 2009. The Group has over 36,000 employees located in nine countries.
About Bank CIMB Niaga
Established under the name of Bank Niaga in 1955, Bank CIMB Niaga is the Surviving Bank of the merger with PT Bank Lippo Tbk in November 2008, with 77.24% of the merged bank's shares held by CIMB Group. The bank offers a comprehensive suite of both conventional and Islamic banking products and services through its 676 branches in major cities in Indonesia. Over 11,000 strong personnel from both Bank CIMB Niaga and LippoBank now work for the new banking institution.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, Philippines, Japan, Indonesia, India, China and Bermuda. As of March 31, 2008, the Sun Life Financial group of companies had total assets under management of $375 billion. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF.
For further information, please contact:
Reza Afriansyah
Account Executive
IndoPacific Edelman
Tel: 62-21 721 590 000
Fax: 62-21 727 869 80
Hp: 62 856 109 8695
Email: reza.afriansyah@indopacedelman.com
On behalf of:
Effendy Shahul Hamid
Head Group Corporate Communications
CIMB Group
Tel: 603 2087 3030
Fax: 603 2093 1008
Email: effendy.hamid@cimb.com
Dina Sutadi
Corporate Communication Group Head
PT Bank CIMB Niaga Tbk
Tel: 62-21 250 5151 ext. 5920
Fax: 62-21 252 6749
Email: dsutadi@cimbniaga.co.id
Website: www.cimbniaga.com
Nadya Siregar
Head of Marketing & Corporate Communications
PT CIMB Sun Life
Tel: 62-21 2994 2888
Fax: 62-21 2994 2800
Email: nadya.siregar@cimbsunlife.com