Feb 9, 2017
Credit du Nord buys Aviva out of bancassurance unit
Credit du Nord, the French bank, has paid €500m to buy out Aviva's stake in Antarius, a bancassurance joint venture owned by the two companies. Antarius was set up in 2004 and sells life insurance and protection products via Credit du Nord's branches. Mark Wilson, Aviva chief executive, described the disposal as a "Good deal at an attractive valuation". Société Générale said the deal would strengthen its bancassurance model, allowing it to increase revenues and improve economies of scale. In 2015 its bancassurance venture with DBS in Hong Kong ended after the Singaporean bank signed a $1.2bn pan-Asian deal with Manulife instead. However, Aviva has been expanding its partnerships elsewhere.
Related companies
Make a complaint about Aviva by viewing their customer service contacts.
