Belgium bank buyout
Print Edition
THE buyout of Delta Lloyd Bank Belgium by the Chinese insurance company Anbang Insurance Group has been concluded, the two companies said in a statement on Thursday.
The Chinese insurance company paid 206 million euros (US$226 million) to acquire the Belgian subsidiary of Delta Lloyd Group.
The transaction was announced in December 2014 for an amount of 219 million euros. Following the “additional negotiations” and after the green light from European and Chinese competition authorities, this amount was eventually reduced to 206 million euros. The Dutch parent company of Delta Lloyd sold its banking activities in Belgium because she wants to focus on its insurance business.
Delta Lloyd Bank Belgium was created in 2001 out of the merger between Bank van Limburg and Bankunie, and again merged in 2002 with the prestigious Bank Nagelmackers 1747.
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