Dutch insurance group Aegon announced that it has successfully completed the divestment of its 50% stake in the Spanish insurance joint venture with Liberbank to Unicaja Banco.

As announced in May 2022, the sale follows the change of control in Liberbank after its merger with Unicaja Banco in 2021.

At that time, Aegon mentioned that “the gross proceeds of the transaction amount to EUR 177 million, representing 22 times 2021 operating result after tax of Aegon’s 50% stake in the joint venture. Aegon Spain intends to upstream the net proceeds to the Group”.