Bank Negara Indonesia (BNI) revived its intention to put up for sale its shares in BNI Life Insurance following a transaction projected to raise over US $500 million dragged earlier this year .

People knowledgeable about the deal said that first round bids are anticipated to take place in August with the goal of having the transaction signed before the year ends. Apart from the stake in the insurance business, the company is also tendering a bancassurance agreement that could continue for as long as 20 years.

The initial bid to sell BNI's life insurance failed to close despite the fact that a number of foreign investors have been assembling in the area's insurance sector. The state-owned bank begun negotiating with Korean and Japanese buyers last year yet the said deal did not push through according to a Bloomberg report.

The sales process, which was expected to start in February, slowed down because BNI took more time to decide on the exact value of the sale.