The acquisition of insurer Friends Provident International by RL360 is still in the works, a spokesperson for FPI’s parent company, Aviva, has confirmed to International Adviser.
The deal was announced in July 2017 and has taken far longer to complete than originally anticipated.
The biggest stumbling block has been the Hong Kong regulator, which IA understands may have concerns about the leveraged nature of the acquisition.
The Aviva spokesperson said: “We continue to work with the regulators in Hong Kong and the Isle of Man to conclude the proposed deal with RL360. We are working hard to draw this to a conclusion as soon as possible.”
RL360 chief executive David Kneeshaw concurred with the Aviva statement and told IA that rumours of the deal’s demise are “uninformed gossip”.
