Insurer Aviva Plc (AV,AV.L) said it has received 608 million euros in cash from Nationalized Spanish bank Bankia S.A. (BNKXF.PK) following settlement and transfer of its entire holding in Spanish joint venture Aseval to Bankia.
The company said the completion on this transaction demonstrates the delivery of its strategic imperatives and enhances its liquidity and capital position. The operation, which was announced in December, is part of the company's 2012-2015 strategic plan to bolster its bancassurance business.
Earlier, Aviva had reached a settlement with Bankia by which Aviva would transfer its entire holding in Spanish joint venture Aseval to Bankia. Aviva noted that its other operations in Spain are unaffected by the settlement.
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