Aviva and ABN continue joint venture
Aviva subsidiary Delta Lloyd and Dutch government-owned ABN Amro Bank will continue their joint venture in the Netherlands, known as ABN AMRO Insurance.
Britain’s biggest insurer announced the news after the Dutch government intervened to reverse a decision by ABN Amro’s previous owner that would have ended co-operation between the two companies.
The Netherlands government, which acquired ABN Amro when it rescued Belgian-Dutch bank Fortis from collapse last year, has agreed to continue the joint venture, Aviva said in a statement.
When Fortis acquired ABN Amro Bank in May 2008, it said it would exercise its right to buy back Delta Lloyd’s 51% share in ABN AMRO Insurance.
However, the Dutch government has now decided that continuing the joint venture is a more sustainable option.
The 30-year joint venture between Delta Lloyd Group and ABN Amro Bank Netherlands, which began in 2003, will now run for the remaining 24 years.
Both ABN and Delta Lloyd have agreed that the joint venture will be the exclusive insurance partner for existing and future Dutch banking operations of ABN Amro.
Aviva chief executive Andrew Moss said continuing the venture was an ‘excellent outcome’ for Delta Lloyd.
Category: Aviva News, Insurance News
Visited 2001 times, 1 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.