Aegon and Banca Transilvania remain partners through new distribution deal
Aegon has completed its acquisition of Banca Transilvania’s 50% shareholding in BT Aegon, the Romanian pension business the two companies set up last year. The agreement to buy Banca Transilvania’s stake was originally announced in January of this year. Aegon paid approximately EUR 11 million for the shareholding, which gives Aegon full control of the pension business.
As part of the transaction, Aegon and Banca Transilvania have signed a distribution agreement under which Banca Transilvania will continue to offer Aegon life insurance and pension products. This agreement allows both Banca Transilvania and Aegon to benefit from the expected growth in the Romanian pension and life insurance markets in the coming years. Banca Transilvania is one of Romania’s leading banks, with more than one million retail clients and an extensive network of over 500 branches across the country.
The acquisition will further strengthen Aegon’s position both in Romania and in the Central & Eastern European region as a whole. Aegon currently has businesses in six countries across Central & Eastern Europe – the Czech Republic, Hungary, Poland, Romania, Slovakia and Turkey.