26th Apr 2007 09:30
Aviva PLC26 April 2007 News release 26 April 2007 AVIVA TO SIGN JOINT VENTURE AGREEMENT WITH FIRST FINANCIAL HOLDING IN TAIWAN Aviva plc ("Aviva"), the international savings, investments and insurance group,is to enter an agreement with First Financial Holding Co. Ltd. ("FFHC") to forma joint venture company in Taiwan, First-Aviva. Under the terms of the agreement, FFHC will hold 51% of the equity share capitalof First-Aviva, with Aviva holding the remaining 49%. The initial paid upcapital of the company will be £34 million (NT$2.25 billion). First-Aviva will manufacture long-term savings and pension products in Taiwanand distribute them through an exclusive bancassurance agreement with FFHC'sflagship subsidiary, First Commercial Bank. First Commercial Bank is Taiwan'ssecond largest bank network, with 187 branches and five million retailcustomers. Philip Scott, executive director of Aviva, said: "I'm delighted we've reachedthis agreement with First Financial Holding. The combined strength of bothcompanies will position First-Aviva as one of Taiwan's leading providers of lifeinsurance and pension products. "Aviva's entry into Taiwan further extends our leading position in internationalbancassurance and we're excited by the potential of the Taiwanese life insurancemarket, which is the 4th largest in Asia. The prospects for future growth inthe pensions market are particularly positive." Both parties are intending to sign definitive documentation in Taipei on 27April, 2007. The formation of the joint venture company remains subject toregulatory approval in Taiwan. -ends- Enquiries: Media Vanessa Rhodes, group media relations manager +44 (0)20 7662 2482 Sue Winston, head of group media relations +44 (0)20 7662 8221 James Murgatroyd/Ed Simpkins, Finsbury +44 (0) 207 251 3801 Analysts Charles Barrows, investor relations director +44 (0)20 7662 8115 Jessie Burrows, head of investor relations +44 (0)20 7662 2111 Notes to editors: Aviva • Aviva is the leading provider of life and pensions to Europe with substantial positions in other markets around the world, making it the world's fifth largest insurance group based on gross worldwide premiums at 31 December 2005. • Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £41.5 billion and assets under management of £364 billion at 31 December 2006. • The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive. First Financial Holding Co. • Listed on the Taiwan Stock Exchange, First Financial Holding Co., Ltd. was incorporated on 2 January 2003. The company has an asset size of NT$1.6 trillion (£25.8 billion), more than five million customer base and excellent client relationships built over a century • Beside its securities and asset management arms, First Financial Holding's flagship entity is the First Commercial Bank. First Commercial Bank • Founded in 1899, the First Commercial Bank was one of three government-affiliated banks with leadership positions in the areas of SME business-banking, home mortgage, mutual-fund distribution, trade finance, deposit and lending. • The First Commercial Bank currently operates 187 service branches across Taiwan. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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