Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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 JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter