Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and 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 Dispelling the sustainable investing myths

Dispelling the sustainable investing myths

There's a bit of a buzz around sustainable investing at the moment. We speak to three wealth managers to find out what they think.

Play Inside ETFs: positioning for the Fed rate rise

Inside ETFs: positioning for the Fed rate rise

Natalie Fast discusses how investors are using ETFs to position for a rate rise with guests Irene Bauer from Twenty20  Investments and Markit's Simon Colvin.

Play Wealth Manager Retreat: video highlights

Wealth Manager Retreat: video highlights

The UK's leading wealth management talent gathered at our annual event at the Grove celebrate the best in private client portfolio management.

Wealth Manager on Twitter