Aviva mandates Barcalys to sell Turkish unit, sources say

Barclays has been ordered to sell the Turkish unit of British insurer Aviva, sources told Reuters on Monday.

Barclays has been ordered to sell the Turkish unit of British insurer Aviva, sources told Reuters on Monday.

Aviva mandated the bank to sell the entire unit of its Turkish non-life insurance company Aviva Sigorta.

"It's a pretty tough sell as they don't have a banking distribution channel, but there could be some buyers who are looking for small-medium assets," a source told the news wire, adding that the deal was not imminent.

It comes after Aviva in November said it would look into strategic options for its Turkish arm.

The company declined to comment on the latest reports.

Aviva's shares were down 0.39% to 361.00p at 14:15 Monday.

RD

Recommended

Share tips of the week – 22 October
Share tips

Share tips of the week – 22 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
22 Oct 2021
Three dividend stocks from the dynamic Asia/Pacific region
Share tips

Three dividend stocks from the dynamic Asia/Pacific region

Professional investor Sat Duhra of the Henderson Far East Income investment trust highlights three of his favourite stocks.
18 Oct 2021
Share tips of the week – 15 October
Share tips

Share tips of the week – 15 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
15 Oct 2021
Trading: stash the family cash in this cheap wealth management firm
Trading

Trading: stash the family cash in this cheap wealth management firm

Wealth management is a growth market. Rathbone Brothers should be a prime beneficiary – and looks cheap. Matthew Partridge explains the best way to pl…
12 Oct 2021

Most Popular

How to invest as we move to a hydrogen economy
Energy

How to invest as we move to a hydrogen economy

The government has started to roll out its plans for switching us over from fossil fuels to hydrogen and renewable energy. Should investors buy in? St…
8 Oct 2021
How to invest in SMRs – the future of green energy
Energy

How to invest in SMRs – the future of green energy

The UK’s electricity supply needs to be more robust for days when the wind doesn’t blow. We need nuclear power, says Dominic Frisby. And the future of…
6 Oct 2021
The after effects of the gas-price shock
Economy

The after effects of the gas-price shock

In the wake of the recent spike in the natural gas price, we can expect slower growth, an industrial recession – and a newly assertive Russia, says Ma…
17 Oct 2021