CGNU plc (CGNU) announces that its Dutch business, Delta Lloyd Nuts Ohra NV (Delta Lloyd), has agreed to acquire Bank Nagelmackers, a medium size Belgian bank, which is predominantly owned by the P&V Group, for a total price of £82 million (Euro 135 million), substantially payable in cash.
CGNU plc (CGNU) announces that its Dutch business, Delta Lloyd Nuts Ohra NV (Delta Lloyd), has agreed to acquire Bank Nagelmackers, a medium size Belgian bank, which is predominantly owned by the P&V Group, for a total price of Ł82 million (Euro 135 million), substantially payable in cash.
The acquisition is an important step in the development of an asset accumulation proposition in Belgium, enabling Delta Lloyd to compete effectively in a market dominated by integrated financial services.
The activities of Bank Nagelmackers include private banking, asset management and the provision of stockbroking services to high net worth individuals, through a network of over 100 branches. The acquisition increases Delta Lloyd’s banking customer base in Belgium to 180,000 from 40,000.
The acquisition is subject to regulatory approval and is expected to complete in the second half of 2001.
Enquiries:
Analysts/Investors:
Steve Riley, +44 (0)20 7662 8115
Investor Relations Director
Media:
Hayley Stimpson, +44 (0)20 7662 7544
Director of External Affairs
Stuart Blackmore, +44 (0)20 7269 7241
Financial Dynamics
Notes to Editors
- CGNU is the world's sixth-largest insurance group and the largest insurer in the UK. It has worldwide premium and investment sales from ongoing business of Ł27 billion, and more than Ł210 billion in assets under management at 31 March 2001.
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