Insurer Delta Lloyd to sell Belgian banking unit to China's Anbang Insurance
Posted On: Dec. 17, 2014 12:00 AM CSTNetherlands-based insurer Delta Lloyd N.V. has approved the sale of its Belgian bank, Delta Lloyd Bank Belgium, to China-based Anbang Insurance Group Co. Ltd. for €219 million ($272.4 million), reported Reuters.
Delta Lloyd had earlier dropped plans to sell the unit following failed talks with a potential buyer.
The sale is likely to be closed in 2015 and this would "strengthen the group's focus on insurance and unlock capital for investment in our strategic activities," said Delta Lloyd chief executive Niek Hoek.