Anbang acquires SNS Insurance arm in deal worth $ 1.6 Billion

Anbang acquires SNS Insurance arm in deal worth $ 1.6 Billion

Anbang acquires SNS Insurance arm in deal worth $ 1.6 Billion

Dutch goverment-owned bank and insurer SNS Reaal said on Monday it had agreed to sell its Vivat insurance arm to Anbang, the Chinese Finacnial group, in deal worth $ 1.6 Billion.

 It’s another acquisition after acquiring Waldorf from Hilton Worldwide Holdings Inc. for $ 1.95 Billion this month.

 SNS announced it would try to create a standalone SNS Bank. SNS was the fourth-largest independent finacnial group in the Netherlands before its nationalization in February 2013.

 In December, Anbang acquired the Belgian banking operations of Delta Lloyd, the sixth-largest insurer in the Netherlands with a market share of approximately 8 %, based in Netherlands for 219 Million euros ($ 250 Million).

 SNS is selling Vivat’s equity for 150 million euros, while Anbang would inject between 770 million and 1 billion euros ($ 880 Million – $ 1.14 Billion) into Vivat to improve its solvency with assuming Vivat’s debt worth 552 million euros.

 “SNS Reaal has signed an aggreement with Anbang for the sale of Vivat Verzekeringen. Under the agreement, Anbang acquires 100  % per cent of the shares of Vivat.” SNS Reaal said in statement.

 The transaction is subjcet to customary conditions such as regulatory approvals and is expected to be completed in the third quarter of 2015.

 Mr. Stakebay says :

 The deals is try China’s eighth-largest life insurer to expand internationally. Part of the agreemnt, Anbang acquires all VIVAT outstanding shares for consideration fo 150 million euros. Selling of the SNS Insurance arm is part of the agreement with the Dutch state, which wants SNS Reaal Bank to become a stand-alone entity.

 CEO of SNS REAAL N.V…………..GERARD VAN OLPHEN…………..2013-present………….. € 550 000 (2013)

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