Canada-based Sun Life Financial has agreed to acquire remaining 51% of Indonesia’s CIMB Sun Life (CSL) from its long term partner CIMB Group.

Currently, Sun Life holds 49% of CSL and 100% of Sun Life Financial Indonesia. Both are life insurance firms in Indonesia.

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Following the acquisition, CSL’s business will be integrated under the Sun Life brand and SLF Indonesia to comply with Indonesia’s ‘single presence’ policy.

Subject to receipt of regulatory approvals, the transaction is expected to complete by the end of the third quarter of 2016. Financial terms were not disclosed.

Additionally, Sun Life is deepening its collaboration with CIMB Group through an extended bancassurance arrangement with Bank CIMB Niaga.

Sun Life in a statement said that the move aims at bolstering distribution capabilities across CIMB Niaga’s 618 branches and clients’ base across Indonesia.

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"CSL customers will continue to have access to the same comprehensive range of wealth management and life insurance solutions that they enjoy today from Sun Life Financial Indonesia," the statement added.

Sun Life Financial Asia president Kevin Strain said: "We had anticipated and positioned ourselves well to meet the ‘single presence’ policy, and uniting the businesses in SLF Indonesia will give us even greater ability to serve our customers. This includes more efficient investment in technology, products and brand. We’re also delighted to be strengthening our partnership with CIMB Group, who is also our long-term bancassurance partner in Malaysia."