Insurance group Aviva has ditched plans to sell its Asian business after failing to find a buyer.
In August, the firm with a major presence in Perth and near Glasgow said it would "consider options" for the Asian arm with a reported asking price of £1.64 billion.
But today it said in a statement to the stock market: "Following a thorough review of options for the Singapore business, including seeking offers for the business, Aviva has concluded that the best value for shareholders will be achieved by retaining the business.
"Aviva can also confirm that its joint venture in China will be retained, given the scale of the market, excellent relationship with its partner COFCO and the high growth prospects."
Falkirk-born Maurice Tulloch took over as chief executive in March and immediately vowed to "revitalise" the group. It is understood he wanted to focus on the UK and European markets which Aviva knows best. In June, he announced plans to cut 1,800 jobs over the next three years in a bid to cut costs by £300 million.
But in today's announcement, the firm talks up the profitability of its Asian business and hinted that it could now expand there.
It said: "Aviva's Singapore and China business units delivered double digit operating profit growth in 2018 and are earning attractive returns. Both countries are expected to pay dividends to group centre in 2019.
"Aviva is continuing to explore strategic options for its operations in Hong Kong, Vietnam and Indonesia, with its respective partners in each country."
