Aviva closes IPO of Turkish arm

Caitlin Morrison
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INSURANCE company Aviva yesterday confirmed the closing of its Turkish arm’s IPO, following its announcement in September that it was offering to the public market a minority stake in the shares of its joint venture with Sabanci Group, AvivaSA.

The company, which will be listed as Avisa on Borsa Istanbul, the Turkish stock exchange, from 13 November, was valued at 1.68bn Turkish Lira (£469m).

David McMillan, chief executive at Aviva Europe, said: “Turkey is an extremely attractive market to Aviva, with excellent growth prospects.”