Aegon N.V (AEG,AGN.L) Monday said announced agreement to divest its life, health and pension joint venture with Unnim Banc and sell its 50 percent stake to Unnim for a total consideration of 353 million euros.
The divestment is a consequence of the consolidation underway within the Spanish banking sector. Aegon maintains a long-term commitment to Spain by providing access to a potential client base of 12 million individuals across the country.
The company had recently announced strategic partnership with Banco Santander to distribute life and general insurance products through its extensive network of 4,600 bank branches.
The sale is expected to generate a pre-tax book gain of approximately 105 million euros, and provide average annual return of 12 percent.
The transaction is expected to close in the second quarter of 2013.
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