National Australia Bank is looking at buying into Professional Investment Services, a financial planning firm in which Aviva holds a 23-per-cent stake,
The Age reported.
The Age speculated that PIS was "worth at least $250 million", though this may be a generous view.
The financial crisis stressed the PIS business in the last financial year, with revenue down by 20 per cent to $219 million, even though the firm reported increased investment inflows.
The firm is also burning cash on international expansion but has decided to persist with most of its offshore expansion plans in Asia. PIS has sold a start-up business in Canada.
PIS recorded a loss of $21.1 million in the year to June 2009 after recognising impairments of more than $32 million on a commercial office building in Parramatta. The group reported an operating profit of $1 million.
The auditors noted a "material uncertainty" over the payment by PIS of loans and obligations to other creditors.
The chair of PIS, Steven Murphy, in a letter prepared for next week's annual meeting (but published at the PIS website this week) noted that "all aspects of the business are under review".
NAB holds an option over Aviva's 23 per cent stake, having excluded the PIS holding from its purchase of Aviva earlier this year.