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April 25, 2013updated 13 Apr 2017 8:39am

Aviva completes settlement with Bankia

Aviva plc, a UK-based life insurer, has received EUR 608m in cash from Bankia SA following settlement and transfer of its entire holding in Spanish joint venture Aseval Consultora De Pensiones Y Seguros, SL to Bankia.

By Verdict Staff

Founded in 1987, Aseval which operates as a subsidiary of Aviva provides life insurance and pension plans.

Bankia said that the transaction was completed with the shares being transferred within the expected time frame, following issuance of the corresponding regulatory authorizations.

This development will mark a further step in reorganizing its banking-insurance activity, Bankia said.

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