Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a646622
Bankia deal lands Aviva £494m
by Sarah Miloudi on Dec 19, 2012 at 08:26
Aviva has reached an agreement with Bankia to transfer its entire holding in Spanish joint venture Aseval to the bank.
The deal sees Aviva net €608 million (around £494 million) in cash and will boost the insurer's capital position.
It is expected to be complete no later than April 2013, Aviva told the stock market, though its agreement is still subject to approval.
John McFarlane (pictured), chairman of Aviva, added: 'This settlement is in line with our strategy to increase Aviva's financial strength and we have realised significant value from our joint venture with Bankia.'
The news comes at the end of a year in which Aviva has been linked with the sale of its US arm and rolled out a restructure within its asset management division, Aviva Investors.
Cash from its deal with Bankia will increase Aviva's central group liquidity by €608 million (£494 million) and be used for 'general corporate' purposes, the firm said.
News sponsored by:
Today's top headlines
More about this:
Look up the shares
More from us
Aberdeen Live supplement: Fundamentals point to ongoing flows and solid returns from EMD
After a record year for inflows and market-leading performance in 2012, emerging market debt has taken a large step towards the mainstream. Our recent debate covers the outlook for the asset class this year and where opportunities can be found.