Dutch insurer ASR sells banking arm to Bawag for $551 mln

BAWAG AG

01/02/2024 06:44

AMSTERDAM, Feb 1 (Reuters) - Dutch insurer ASR
 ASRNL.AS  said on Thursday it would sell its banking arm Knab
to Austria's BAWAG Group  BAWG.VI  for 510 million euros ($550.9
million).
    ASR had acquired Knab as part of its takeover of rival
Aegon's  AEGN.AS  Dutch businesses last year.
    Sources told Reuters in January last year that ASR was
expected to sell Knab, in line with its earlier stance on
banking operations.
    ASR labelled its original banking arm, ASR Bank, as
"non-core" in 2018 and sold part of it to rival Achmea the
following year. It finished winding down the business in 2020.
    ASR said it has also agreed with BAWAG to transfer the
management of mortgage servicing on Knab's balance sheet after
closing, for an additional consideration of 80 million euros.
      

($1 = 0.9258 euros)

 (Reporting by Bart Meijer; Editing by Dhanya Ann Thoppil)
 ((Bart.Meijer@thomsonreuters.com;))