Ageas: sells stake in Cardif Lux Vie to BNP Paribas
(CercleFinance.com) - Ageas has sold its 33% stake in Cardif Lux Vie to BNP Paribas Cardif for 152 million euros, as well as the repayment of loans of 30 million euros, the Dutch insurer said on Wednesday.
Ageas said the divestment of its minority stake in CLV is in line with its strategy to concentrate its efforts on further developing businesses where it holds stronger positions or in growth markets.
In 2011, BNP Paribas Cardif, Ageas and BGL BNP Paribas merged their existing life insurance businesses to create the joint-venture Cardif Lux Vie that mainly focuses on international wealth management business.
As a result of the merger, Ageas became a 33% shareholder; the other 66% of CLV's shares are held by BNP Paribas Cardif and BGL BNP Paribas.
The transaction is expected to close at the latest during the first quarter of 2019.
This divestment is expected to generate a capital gain of 39 million euros, Ageas said.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Ageas said the divestment of its minority stake in CLV is in line with its strategy to concentrate its efforts on further developing businesses where it holds stronger positions or in growth markets.
In 2011, BNP Paribas Cardif, Ageas and BGL BNP Paribas merged their existing life insurance businesses to create the joint-venture Cardif Lux Vie that mainly focuses on international wealth management business.
As a result of the merger, Ageas became a 33% shareholder; the other 66% of CLV's shares are held by BNP Paribas Cardif and BGL BNP Paribas.
The transaction is expected to close at the latest during the first quarter of 2019.
This divestment is expected to generate a capital gain of 39 million euros, Ageas said.
Copyright (c) 2018 CercleFinance.com. All rights reserved.