(MENAFN) The Dutch Finance Ministry said that China's Anbang Insurance Group has bought Dutch insurance firm Vivat from nationalized banking group SNS Reaal, Xinhua reported.
As per terms of the agreement, Chinese Anbang will pay USD171 million for 100 percent of the shares of Vivat, formerly known as Reaal NV, SNS Reaal said in a statement.
The Chinese company said it will inject an additional USD879 million to USD1.14 billion to recapitalize the insurer and pay off USD630 million in internal loans to SNS Reaal.
"I am pleased with the results so far. This agreement provides clear perspective on Reaal, its employees and its policyholders," Dutch Finance Minister said in a statement.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.