Aviva exits Spanish life and pensions

Aviva plc has announced that it has completed its exit from the Spanish life and pensions marketplace with the sale of of joint venture operations in the region.

The UK-headquartered life and pensions giant said in a statement that it has completed the sale of its entire shareholding in life insurance and pensions joint ventures, Cajamurcia Vida and Caja Granada Vida, to Bankia.

The final consideration of the transaction is €203 million (£179m). This follows the previous announcement of the sale by Aviva , as reported, on 23 February 2018.

In its short statement, Aviva has also agreed the sale of its 50% shareholding in Spanish life insurance operation, Pelayo Vida, to Santalucía. The transaction is subject to regulatory and anti-trust approvals and is expected to be  completed in the fourth quarter of 2018.

“This transaction completes Aviva’s withdrawal from the [Spanish] market,” the statement concluded.

ABOUT THE AUTHOR
Gary Robinson
Head of Video and Ezines at Open Door Media Publishing. Deputy Editor, International Investment. An experienced journalist and filmmaker with more than 20 years' financial services experience, both as journalist and originally as a fully qualified IFA, Gary works across both International Investment and InvestmentEurope titles. Previous video production credits include projects on BBC, C4 and SKY.

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