The sale comes just two months after Delta Lloyd scrapped plans to divest the operations, after negotiations with another potential buyer did not yield desired result.
Upon completion of the deal, Delta Lloyd plans to emerge as one of the top three life insurers in Belgium, will continue to use the bank network as a distribution channel for insurance and pension products.
The transaction is expected to conclude in 2015 pending receipt of concerned regulatory approvals.
Delta Lloyd chief executive Niek Hoek said: "This decision is in line with our strategy, which includes the ambition to grow in the Belgian life insurance and pensions market.
"The proposed sale of the banking activities in Belgium will strengthen the group’s focus on insurance and unlock capital for investment in our strategic activities."