ROMANIA - Dutch pension firm Aegon has taken control of its joint venture pensions business in Romania.
It has agreed to acquire Banca Transilvania's 50% stake BT Aegon for around €11m. The move follows Aegon's acquisition late last year of PTE Skarbiec Emerytura in Poland.
The move builds on Aegon's existing presence in Hungary, Poland, the Czech Republic, Slovakia, Turkey and Romania.
Aegon and Banca Transilvania, the fifth largest commercial bank in Romania, will remain partners. As part of the transaction, the two companies will sign a distribution agreement covering both life insurance and pension products.
They said: "This agreement will be finalized in the coming weeks, and will allow both BT and Aegon to benefit from the further growth expected in the Romanian pension and life insurance markets in the coming years."
Transilvania has decided to sell its stake to Aegon in order to focus on its core banking activities.
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