Dutch insurer Aegon NV (AEG, AGN.L) has reached an agreement with Banco Sabadell to sell its 50% shareholding in its life insurance partnership originally established with Caja de Ahorros del Mediterráneo or CAM for 449.5 million euros. This, combined with the proceeds from its two prior announced joint venture exits namely Banca Cívica and Unnim Banc, brings the total realized by Aegon to 1 billion euros.
The transaction with Banco Sabadell completes Aegon's restructuring of its Spanish business after announcing plans last year to exit certain partnerships owing to the ongoing consolidation within the bank sector.
Aegon said it maintains a long-term commitment to Spain and has recently reinforced its market position with an exclusive 25-year strategic partnership with Banco Santander to distribute life and general insurance products through its extensive network of more than 4,600 bank branches.
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