Anbang Insurance Group has finished buying up Delta Lloyd Bank Belgium, the two companies announced on Wednesday. The Chinese insurance company, which also owns Fidea, paid 206 million euros for the Belgian branch of Delta Lloyd. The company’s new name and plans for the future will be unveiled soon. The takeover was announced at the end of last year. The price was set at 219 million euros at the time, but reduced to 206 million euros after “more negotiations”. The operation was given the green light by Belgian and Chinese competition authorities.
Delta Lloyd Bank Belgium has 114 offices, 500 employees, and around 171,000 customers. “With the support of our new shareholder, we will continue with our current strategy, which is based on Personal and Professional banking for well-off customers”, says Piet Verbrugge, CEO of Delta Lloyd Bank Belgium. “Buying Delta Lloyd Bank Belgium is an important step for Anbang. It’s one step closer to globalisation”, says the Chinese company’s management.
Anbang bought Fidea, a branch of KBC, in October.
Delta Lloyd’s Dutch headquarters has sold its banking activities in Belgium as it wants to concentrate on insurance. (Source: Belga)