Aviva mandates Barclays to find buyers for Turkish insurance arm

Banks not helping small businesses

UK insurer Aviva Plc (LON:AV) has picked Barclays Plc (LON:BARC) to assist it in selling its Turkish non-life insurance unit Aviva Sigorta AS, according to media reports today.

Aviva, which had announced a strategic review of its Turkish business in November 2012, refused to make a comment when approached by news agency Reuters..

According to one of the people, the sale process would be hard as the target has no banking distribution channel. Yet, Aviva Sigorta could attract buyers who are seeking small-medium assets.

Aviva Sigorta has a market value of TRY735m (USD416m/EUR311.4m), based on its stock price of TRY4.90 today.

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