Spanish Bank To Pay Aviva $804M To Settle JV Dispute

Law360, New York (December 18, 2012, 4:38 PM EST) -- Bankia SA, one of Spain's largest banks, on Tuesday agreed to pay British insurer Aviva PLC €608 million ($804 million) for its stake in a Spanish insurance company, ending a dispute that had moved to arbitration.

Aviva will transfer its 50 percent stake in Aseval, Spain's fifth-largest life insurance provider, and both Aviva and Bankia will petition Madrid's Court of Arbitration to end an arbitration Aviva sought in 2011.

“This settlement is in line with our strategy to increase Aviva’s financial strength, and we have realized...
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