BRI Touted to Sell BRIngin Life

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  • ATM Bank BRI. TEMPO/Eko Siswono Toyudho

    ATM Bank BRI. TEMPO/Eko Siswono Toyudho

    TEMPO.CO, Jakarta - PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) is reportedly selling its insurance subsidiary BRIngin Life for US$600 million.

    A number of sources who wish to stay anonymous said BRI has invited six companies to participate in a bid-off for a stake in BRIngin Life. The companies include BNP Paribas Cardif, Tokio Marine Holdings Inc., Ageas SA, and Hanwha Life Insurance Co.

    "BRIngin Life's stake that will be sold is 40 percent," a source said as quoted by Reuters yesterday.

    So far, BNP Paribas Cardif, Ageas, and Tokio Marine all declined to comment about the report.

    Meanwhile, BRI corporate secretary Budi Satria has declined to provide any statement confirming or refuting the report. Budi only said that BRI is currently looking for an insurance company to acquire, but he refused to elaborate any further.