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ICA Ahold and Aegon end talks on joint venture

The Hague, January 15, 2003

ICA Ahold and Aegon The Netherlands have ended negotiations on forming a joint venture involving ICA Banken, a subsidiary of ICA Ahold.

In November 2002, ICA Ahold and Aegon The Netherlands announced they had started talks on a 50/50 joint venture in ICA Banken (based in Solna, Sweden), for the provision of financial services through ICA Ahold’s retail network. These negotiations have been discontinued, because of divergent views on both the strategic direction for the bank and the transaction price.

ICA Banken remains a wholly owned subsidiary of ICA Ahold AB and will continue to focus on providing financial services, which the customers require on a day-to-day basis.