Aegon to buy Banca Transilvania’s stake in BT Aegon

Aegon has agreed to acquire Banca Transilvania's 50% shareholding in BT Aegon, the two companies' jointly-owned Romanian pension business. Aegon will pay EUR 11 mln for the stake, which will give it full control of the pension business.
Aegon and Banca Transilvania (BT) will remain partners. As part of the transaction, the two companies will sign a distribution agreement covering both life insurance and pension products.
BT decided to sell its stake to Aegon in order to focus on its core banking activities, supporting the development of the small and medium-sized companies in Romania and its more than 1 mln retail clients.
With a market share of over 5%, Banca Transilvania is the fifth largest commercial bank in Romania.