Aviva has sold its 50 per cent stake in Aseval, part of its Spanish insurance operation, to Bankia for £494m.
The transfer of Aseval shares to Bankia is subject to regulatory approvals and release of the cash proceeds to Aviva is expected no later than 30 April 2013.
Aviva chairman John McFarlane says: “This settlement is in line with our strategy to increase Aviva’s financial strength and we have realised significant value from our joint venture with Bankia.
“We remain focused on providing excellent service to our customers in Spain, through our other bank partners and distribution agencies.”
Aviva’s other operations in Spain are unaffected by the deal.