Aviva is planning to merge its life and pensions business in Turkey with that of Akbank and Aksigorta to create the country's largest pension provider.
The United Kingdom's largest insurance group Aviva last month said it planned to merge its life and pensions business in Turkey with that of Akbank and Aksigorta to create a new venture that would be that country's largest pension provider and second-largest provider of life assurance.
Aviva, which has a market capitalisation of #19.2 billion, will have a 50 per cent stake in the merged venture.
The venture will be the sole supplier of life and pension funds to Akbank's 5.9 million retail customers.
Analysts have predicted the Turkish life and pensions market could grow by 7 per cent to 17 per cent in coming years.
If the deal went ahead, it would position the new company as the second-largest player in the Turkish life insurance market, Aviva said.
Aviva is currently ranked third in the Turkish market.
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