UBI Banca, an Italian banking group, completed the acquisition of an 80% stake in Aviva Vita, a life insurance joint venture, from Aviva, a British multinational insurance company, for $533m. "Our strategy is about focus and delivery. The sale of Aviva Vita is another important step forward as we reshape our portfolio and follows the recent announcement of the majority sale of our Singaporean business. We will continue to be decisive as we seek to transform Aviva for the benefit of our shareholders," Amanda Blanc, Aviva CEO.