China’s Anbang Insurance Completes Acquisition of Delta Lloyd Bank Belgium

Chinese insurance firm Anbang Insurance Group and Delta Lloyd Bank Belgium have announced in a statement that Anbang’s acquisition of the Belgian bank has been concluded.

Anbang received all regulatory approvals to acquire Delta Lloyd Bank Belgium from Delta Lloyd Group for about USD226.6 million. The deal started in December 2014.

Delta Lloyd sold its banking activities in Belgium to focus on its insurance business. Delta Lloyd Belgium mainly focuses on affluent and wealthy individuals clients in need of financial advice.

The bank has 114 branches and 171,000 customers. It officers a full range of banking products and services, such as deposits, investment products, asset management and credit.

“The acquisition of Delta Lloyd Bank Belgium is a milestone for Anbang. This is a step towards globalization,” Anbang sid in an official statement. – BusinessNewsAsia.com

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