Stock Market & Financial Investment News

News Breaks February 4, 2013 05:04 EDT AEG Aegon ends joint venture with Unimm, sells stake for EUR 353M Aegon (AEG) has reached an agreement to exit its life, health and pension joint venture with Unnim Banc and sell its 50% stake to Unnim for a total consideration of EUR 353M. The sale is expected to result in a book gain of approximately EUR 105M before tax, and to generate an average annual return of 12% on investment. It is anticipated that the transaction will close during Q2. Aegon's share in underlying earnings before tax of the joint venture totaled EUR 20M in 2012. This anticipated divestment by Aegon is a consequence of the consolidation underway within the Spanish banking sector. Aegon maintains a long-term commitment to Spain and has recently reinforced its market position with an exclusive strategic partnership with Banco Santander to distribute life and general insurance products through its extensive network of 4,600 bank branches. The long-term alliance provides access to a potential client base of 12M individuals across the country. News For AEG From The Last 14 Days Check below for free stories on AEG the last two weeks. Sign up for a free trial to see the rest of the stories you've been missing. June 18, 2013 08:45 EDT AEG AEGON to host analyst and investor meeting Subscribe for More Information June 4, 2013 05:45 EDT AEG Aegon, Banco Santander complete exclusive 25-year partnership in Spain Aegon (AEG) has completed an exclusive 25-year strategic partnership with Banco Santander (SAN) announced last December. Under the terms of the agreement, Aegon has acquired a 51% stake in both a life insurance company as well as in a non-life insurance company for a consideration of EUR 220M. The joint ventures will distribute life and general insurance products through Banco Santander's extensive branch network. Aegon Spain will provide the back-office services to the joint venture companies. The long-term partnership enables Aegon to consolidate its strong market position in Spain and supports Aegon's ambition to become a leader in its chosen markets. The Santander franchise of 4,000 bank branches provides Aegon with access to twelve million customers throughout the country, and includes the integrated networks of Banesto, Banif and Openbank. Sign up for a free trial to see the rest of the stories you've been missing.