Caja de Ahorros del Mediterráneo (CAM) and Aegon have incorporated the holding for their strategic partnership.
As announced on January 28, 2004, the partners have created a joint venture, which combines CAM.s significant customer reach through its banking network and Aegon's expertise in life insurance and pensions. The new holding structure has become operational as per June 9, 2004. All the necessary regulatory approvals have been obtained.
This strategic alliance reinforces the CAM's insurance activities and ties in with its objective to become one of the leading providers of life insurance and pensions in Spain, in keeping with its strategies of expansion and diversification. The partnership reflects Aegon's continued commitment to its long-standing strategy to focus on life insurance and pensions in selected countries offering profitable growth opportunities. The partnership also enables Aegon to expand its existing franchise in the Spanish market.
Aegon N.V., with its headquarters in the Netherlands, is the holding company of one of the world's largest listed life insurance groups ranked by market capitalization and assets. Aegon's three major markets are the United States, the Netherlands and the United Kingdom. In addition the group is present in a number of other countries, including Spain, Canada, China, Hungary and Taiwan. Close to 85% of Aegon.s business comprises of life insurance, pensions, savings and investment products. The group employs more than 27,000 people worldwide. For more information, please visit the company.s web site at www.Aegon.com.
Caja de Ahorros del Mediterráneo is one of the principal Savings Banks at national level in Spain and the third largest in terms of deposits. It has a network of 887 offices in the self-governing communities of Valencia, Murcia, Catalonia, the Balearic Islands, Madrid, Andalusia and the Canaries. It is currently putting in place a major expansion plan which foresees the opening of more than 215 branches in four years. For more information, please visit the company's web site at www.cam.es.