China approves Anbang's takeover of Dutch state-owned insurer
Tuesday, 07 28 2015, Category: Insurance and Reinsurance, Country: Europe
The Chinese insurance regulator has approved the takeover by China's Anbang of the former insurance subsidiary of SNS Reaal, a Dutch bank that was nationalised two years ago as part of a bailout after it made huge real estate losses.
Anbang will pay a symbolic 1 euro for the insurer, formerly known as Reaal but recently rebranded as Vivat, though it will also pay SNS, the former parent that remains in state ownership, 85 million euros in owed back taxes and give the insurer a 1.35 billion euro capital injection within three months.
Gerard van Olphen, SNS Reaal Chief Executive, will step down from the bank to become Vivat's chief executive, the Dutch government said in a statement on Sunday, while SNS Reaal board chair Jan Nooitgedagt will also cross over to the insurer.
The Dutch central bank has already approved the takeover, meaning the sale is now definitive.