Aegon to exit Spanish insurance JV in €177m deal with Unicaja Banco
Dutch life insurer Aegon has agreed to divest its 50% stake in its insurance joint venture (JV) with Liberbank in Spain to Unicaja Banco, a Spanish savings bank, for €177 million.
The transaction comes after the change of control in Liberbank following its merger with Unicaja Banco, which was announced last year and wrapped up on Tuesday.
Aegon had set up an insurance joint venture in Spain in 2008 with Caja Cantabria, which was one of the predecessors of Liberbank.
The joint venture has been offering life risk, life savings, and pensions products via Liberbank’s banking channels to Spanish retail customers.
Aegon said that it will continue to expand its business in Spain and Portugal via its core life and non-life joint ventures with Banco Santander and through its own channels as well.
The Dutch insurance group expects to close the deal with Unicaja Banco in the latter half of this year, subject to regulatory approval.