Delta Lloyd Plans to Sell Its Banking Business in BelgiumMartijn van der Starre
Delta Lloyd NV, the biggest Dutch provider of group life insurance, plans to sell its Belgian banking unit to help strengthen its main business.
“This decision is in line with the group’s strategy, which includes the ambition to grow in the Belgian life insurance and pensions market and to reinforce its distribution power in Belgium,” the Amsterdam-based company said in a statement today. Delta Lloyd may give an update on the sale process by the end of 2013, it said.
The Dutch insurer last month agreed to buy Belgium’s ZA Verzekeringen by raising 63 million euros ($85 million) in a share sale. Delta Lloyd’s Belgian lender reported first-half net income of 12.4 million euros and had 6.9 billion euros in assets under management at the end of 2012.
Delta Lloyd plans to have a long-term distribution agreement with the Belgian bank as a part of a transaction to continue to sell pension and life insurance products through its network, it said. The lender operates 55 branches and 75 independent agents, according to the statement.
Moelis & Co. was named as financial adviser on the sale.