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December 19, 2012
06:40 EDTAVAviva reaches settlement with Bankia on Spanish joint venture
Aviva has reached a settlement with Bankia by which Aviva will transfer its entire holding in Spanish joint venture Aseval to Bankia for EUR608M in cash, which will be held in escrow. Release of the cash proceeds to Aviva is expected no later than 30 April 2013. As a result of the settlement, Aviva and Bankia have applied to the Arbitration Court in Madrid, Spain, to terminate the legal proceedings between the parties and issue an award which reflects the settlement agreed. Cash proceeds will increase Aviva's central group liquidity by EUR608M and be used for general corporate purposes. The transaction will increase Aviva's economic capital surplus by approximately GBP0.5B. Aviva's other operations in Spain are unaffected by the settlement.
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