Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Bankia deal lands Aviva £494m

Bankia deal lands Aviva £494m

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Boutique tapes: my business will never be sold

Boutique tapes: my business will never be sold

In the final part of our four part series we discuss consolidation and whether it's getting tougher for boutiques to survive.

Play Boutique tapes: are top managers better off at small firms?

Boutique tapes: are top managers better off at small firms?

In episode three of our series, boutique bosses discuss whether the best fund managers are more likely to thrive at smaller firms.

Play Boutique tapes: if you want a Ferrari, you have to pay for it

Boutique tapes: if you want a Ferrari, you have to pay for it

In the second part of our four-part series, boutique bosses are asked how they can justify the fees charged by active managers.

Read More
Your Business: Cover Star Club

Profile: how this boutique beat the big guns of wealth

Profile: how this boutique beat the big guns of wealth

This small west country offshoot of a local IFA scooped a 2018 Citywire award from beneath the noses of the national challengers

Wealth Manager on Twitter