Delta Lloyd to sell Delta Lloyd Bank Belgium to Anbang Insurance Group
December 16 2014 - 1:33AM
Delta Lloyd NV ("Delta Lloyd") announced today
that it has reached an agreement to sell Delta Lloyd Bank Belgium
to Anbang Insurance Group Co. Ltd. ("Anbang") for a consideration
of € 219 million. Anbang is a leading Chinese insurance company and
offers a wide range of financial services.
The transaction will have an estimated positive
effect of around 10 percentage points on IGD group solvency. The
impact on the IFRS capital will be -4.5% (shareholders' funds at FY
2013: € 2,621 million and at Q3 2014: € 2,734 million). The
distribution agreement between Delta Lloyd Life and Delta Lloyd
Bank is part of the transaction. Completion of the transaction
between Delta Lloyd and Anbang is subject to regulatory approvals
and is expected to occur in the course of 2015.
Executive Board chairman Niek Hoek: "This decision
is in line with our strategy, which includes the ambition to grow
in the Belgian life insurance and pensions market. The proposed
sale of the banking activities in Belgium will strengthen the
group's focus on insurance and unlock capital for investment in our
strategic activities."
The sale process will not include Delta Lloyd's
banking activities in the Netherlands. Delta Lloyd Bank Belgium and
Delta Lloyd Bank Netherlands are separate entities positioned
directly under Delta Lloyd NV, and both report into the group's
Bank segment.
Anbang
Anbang is a leading insurance company based in Beijing with more
than 30,000 employees and over
€ 90 billion in assets. It provides a comprehensive range of
financial and insurance services and products to more than 20
million customers, including life insurance, pensions, health
insurance, property and casualty insurance, bank and asset
management, etc.
Since its founding, Anbang has delivered excellent
results to its clients and utilised the most advanced technology to
enhance the customer experience. As a Chinese insurance company
with an international vision, Anbang has established a strategy to
offer complete, globalised services to its clients and to realise
stable, long-term returns through investments in asset allocation
around the world. Anbang has identified Belgium for its unique
position in the center of Europe. Its recent acquisition of Fidea
in October 2014 is the first step of Anbang's strategy to provide
comprehensive financial services to Belgian clients and to clients
across Europe going forward. The proposed transaction will be the
next step in implementing this strategy. Anbang will be keen to
support Delta Lloyd Bank Belgium in its strategy to target
mass affluent and high net worth individual
clients.
Delta Lloyd Bank
Belgium
Delta Lloyd Bank Belgium focuses primarily on middle and high-end
segment individual customers providing a comprehensive range of
products and services, including deposits, investment products,
asset management and lending. Through a network of branches and
independent agents, the bank provides a geographical coverage with
physical presence in premium locations for its target customers.
Utilising the oldest and one of the most respected financial
services brands established in Belgium - "Bank Nagelmackers 1747",
the bank has developed a unique position in a highly attractive
market offering strong margins and growth opportunities.
More information about this press release:
Media
Relations
+31 (0)20 594 44 88
Martijn Donders, Anneloes Geldermans
mediarelations@deltalloyd.nl
Investor
Relations +31
(0)20 594 96 93
Roeland Haanen, Hans Duine
ir@deltalloyd.nl
Full press release
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Delta Lloyd via Globenewswire
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