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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.”

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