Aegon is to sell its 50% stake in its Spanish insurance joint venture with Liberbank to Unicaja Banco.
The JV offers life risk, life savings and pensions products to Spanish retail customers through Liberbank’s banking channels.
It dates back to 2008 when Aegon set up the JV with Liberbank predecessor Caja Cantabria.
The sale was triggered by yet another shift in the bank’s fortunes, which saw it merge with Unicaja Banco in 2021.
Aegon said the gross proceeds of the sale amount to €177m (£150m, $189m). The net proceeds will be “upstreamed” to the group by Aegon Spain, the insurer said.
Aegon said it remains committed to growing its business in Spain and Portugal through its life and non-life joint ventures with Banco Santander, as well as through its own channels.
The sale is expected to close in the second half of 2022, pending regulatory approvals.
