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Aviva sells stake in Spanish JV for £226m

Aviva has sold its stake in Spanish joint venture CXG Aviva to NCG Banco for £226m.

The firm has recently sold a series of business units in different jurisdictions as part of an ongoing restrcuture. 

It sold its Turkish general insurance business in March and Aviva USA including life and pensions and asset management in 2012.

The transaction announced today was resolved via arbitration tribunal in Madrid.

Aviva Europe chief executive David McMillan says: “This is a good outcome for Aviva which reflects the strong agreements we have in place. We remain focused on maximising returns from our Spanish business in a recovering economy, where we have strong partnerships with leading regional banks, as well as agency and broker distribution.”



Mel Kenny: The D2C advice robots have arrived

Well, if they are not staring you in the face already, let me tell you this – the robots have arrived. Like something out of Dr Who, D2C or B2B2C are here to stay  and no matter how uncomfortable you feel about having them in your living room, you are going to have to accommodate […]


Wells Street Journal: Money Marketing reporter hunted by DWP – £144 reward

The WSJ understands that the Department for Work and Pensions is in a state of panic this week after a Money Marketing hack escaped from DWP Towers with Steve Webb’s ministerial box. While filming an interview at the department’s London offices, political reporter Steve Tolley waited until Webb had his back turned, then swiped the […]


PFS appoints paraplanner Cathi Harrison as board director

The Personal Finance Society has elected paraplanner Cathi Harrison to its board of directors. The PFS says Harrison, who founded outsourced paraplanning firm Para-Sols in 2009, will add greater focus to a “growing and important sector within the advice profession”. Harrison says: “My hope is to bring a fresh impetus to the board, from both a […]


Just Retirement reports 19% profit rise despite Budget annuities hit

Just Retirement saw a 19 per cent rise in pre-tax profits despite a drop in annuity sales following the radical pension reforms announced in the Budget, its results for the year to 30 June 2014 reveal. The provider’s profits increased from £78.3m in 2012/13 to £92.8m in 2013/14. This included a restructuring charge of £5.4m, relating […]

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Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.


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