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Dutch bank sells insurer to Anbang
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DUTCH bank SNS Reaal yesterday announced it was selling its insurance arm to Chinese insurer Anbang for 150 million euros (US$171 million), as it restructured after being nationalized two years ago.
“SNS Reaal ... has signed an agreement with Anbang for the sale of Vivat Verzekeringen. Under the agreement, Anbang acquires 100 percent of the shares of Vivat,” SNS Reaal said in a statement.
Anbang also planned to pump up to 1 billion euros into the ailing insurer to recapitalize and help redeem internal loans within the SNS Reaal group of 552 million euros, Dutch finance minister Jeroen Dijsselbloem said in a statement.
The banking and insurance group, the Netherlands’ fourth-largest, was nationalized in early 2013 at a cost of 3.7 billion euros after suffering massive recurring losses.
SNS Reaal at the time was considered to be a bank that was too important to be allowed to go bankrupt.
SNS Reaal said last year that it was splitting its banking and insurance arms, as it restructured as part of the bailout agreement with the Dutch state, which wants SNS Reaal Bank to become a standalone entity.
“Selling off our insurance branch is the next step in the restructuring process,” said SNS Reaal spokesman Hilbert Bredemeijer.
The deal is subject to approval by Dutch and Chinese regulatory authorities and is expected to be completed in the third quarter of this year.
Dijsselbloem yesterday said he was “satisfied” with plans to sell Vivat.
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