Aegon has been active in Spain for over thirty years with an established reputation as a provider of protection products through its network of bancassurance joint ventures.
The sale was a “consequence of the consolidation underway within the Spanish banking sector,” the company stated.
But Ageon added that it maintains a long-term commitment to Spain and has recently reinforced its market position with an exclusive strategic partnership with Banco Santander to distribute life and general insurance products through its network of 4,600 bank branches.
This long term agreement gives access to a potential client base of 12m individuals across the country.
The sale of the Unnim Banc stake is expected to be completed during the second quarter of 2013, resulting in a book gain of €105m before tax.
