Dutch insurer Delta Lloyd has said that it has decided to discontinue the sale process of Delta Lloyd Bank Belgium.
"Exclusive negotiations with a prospective buyer have not resulted in agreement on a price and conditions considered acceptable to Delta Lloyd," the Dutch group said in a statement.
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Though it did not disclose the name of prospective buyer, Delta Lloyd said its Belgian bank will remain part of it.
Delta Lloyd executive board chairman Niek Hoek said: "Delta Lloyd Bank Belgium is a healthy, profitable business that is well able to operate independently within the group. We have every confidence in the bank’s future and firmly believe that this decision provides continuity and clarity to customers and employees alike.
"Delta Lloyd Bank Belgium will continue developing its expertise in the areas of asset accumulation and wealth creation for the benefit of its customers, while also remaining an important distribution channel for life insurance and pension products of Delta Lloyd Life in Belgium."
Delta Lloyd Bank Belgium – which has 170,000 clients and assets worth nearly EUR6.9bn -was put up for sale by Delta Lloyd a year ago to improve its financial buffers.
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