PT Bank Rakyat Indonesia (Persero) Tbk (JKSE:BBRI) has cancelled a plan to sell its life insurance unit and would instead restructure and integrate the unit, its finance director said. "It will take a minimum two years, then we will consider if we need to have a partner or to stand alone," Finance Director Haru Koesmahargyo told Reuters on January 9, 2016. Bank Rakyat last year invited several companies, including BNP Paribas Cardif S.A., to bid for a 40% stake in its insurance unit, in a deal worth up to $600 million, sources familiar with the matter said.

It hired JPMorgan to arrange the sale.