AEGON continues international expansion
1 September 2008

Written by Sophie Baker

Financial services organisation AEGON has entered into a partnership with Catalan-based savings bank Caixa Terrassa Vida, which will distribute AEGON life insurance, pension and health products through its network of almost 300 bank branches.

AEGON has bought a 50 per cent stake in the Spanish bank’s life insurance and pension unit for €190 million.

The partnership with Caixa Terrassa “fits very well with our strategy of strengthening our position in the Spanish life insurance market,” according to AEGON CEO Alex Wynaendts. This venture will see AEGON become the sixth largest life insurer in Spain.

In Central Europe, AEGON’s subsidiary group, AEGON Global Pensions, has joined forces with Austrian pension fund, APK-Pensionskasse (APK), reinforcing each organisation’s presence across the globe.

The first step towards the partnership, the letter of intent, has been signed by both parties, and the move is expected to be particularly beneficial to APK as it will give the pension fund access to AEGON Global Pensions’ international presence.

AEGON, the parent company of AEGON Global Pensions, has businesses in six countries over Central and Eastern Europe, including Hungary, Poland and Turkey.