According to Delta Lloyd, the intention to sell its banking operations is to grow in the Belgian life insurance and pensions market and to reinforce its distribution power in the country.
The bank also operates as a channel in the distribution network for the pension and life insurance products of Delta Lloyd Life in Belgium.
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Delta Lloyd said that the proposed sale of the banking activities will not affect this network and will provide an update on the sale process by the end of the year.
As part of this transaction, Delta Lloyd’s aim is to have a long-term distribution agreement between Delta Lloyd Life and the bank.
Moelis & Company has been appointed as financial advisor on the sale. The sale process will not include Delta Lloyd’s banking activities in the Netherlands.
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