AEGON alliance and expansion

The two firms said they had signed a letter of intent which expands their existing relationship and would see RBC Dexia provide investment accounting services to AEGON Canada's customer base of 160 funds, with combined assets of CAN$8.5bn (US$8.4bn).

Paul Reaburn, president and CEO, AEGON Canada, said: "The outsourcing of investment accounting supports AEGON Canada's strategy of focusing on our core business, which is the manufacturing of life insurance and investment products."

José Placido, CEO, RBC Dexia, added: "There is a strong cultural alignment between our two companies, including a shared commitment to client service excellence. We look forward to a long term, mutually beneficial working relationship with AEGON Canada.

AEGON has also announced it has finalised the acquisition of Turkish life and pensions provider Ankara Emeklilik, which began in February this year.

Gabor Kepecs, the member of AEGON's Board responsible for Central & Eastern Europe, said: "In June, when we presented our new group strategy, we said we wanted to build scale in emerging markets like Central & Eastern Europe - markets that offer sustainable, profitable growth in the years ahead. The acquisition of Ankara Emeklilik is very much part of this strategy."

Ankara Emeklilik has over 58,000 pension members in Turkey, with assets under management of €35m (US$55m). AEGON said the acquisition was part of the company's wider Central and Eastern European strategy, which took the number of territories it was active in to six - Hungary, Poland, Slovakia, the Czech Republic, Romania and Turkey.

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