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Delta Lloyd NV Intends to Sell Belgian Banking Activities

Wednesday, 2 Oct 2013 01:30am EDT 

Delta Lloyd NV announced that it has decided to start a sale process for its Belgium-based banking business. The proposed sale of its banking activities in Belgium will strengthen the group's focus on insurance and unlock capital for investment in its strategic activities. The bank is also a channel in the distribution network for the pension and life insurance products of Delta Lloyd Life in Belgium. The proposed sale of the banking activities will not affect this network. Delta Lloyd's aim is to have a long-term distribution agreement between Delta Lloyd Life and the bank as a part of this transaction. The sale process will not include Delta Lloyd's banking activities in the Netherlands. Delta Lloyd Bank Belgium and Delta Lloyd Bank Netherlands are separate entities positioned directly under Delta Lloyd NV, and both report into the group's Bank segment. Moelis & Company has been appointed as financial advisor on the sale. Delta Lloyd NV expects to be able to give an update on the sale process towards the end of the year. 

Company Quote

-0.325 -1.79%
11:10am EDT