Dutch bank and insurer Delta Lloyd on Wednesday said it would sell its Belgian banking department to create financial sources to expand the Belgian insurance division of the company.
"This decision is in line with the group's strategy, which includes the ambition to grow in the Belgian life insurance and pensions market and to reinforce its distribution power in Belgium," the company said in a press release.
"The proposed sale of its banking activities in Belgium will strengthen the group's focus on insurance and unlock capital for investment in its strategic activities," it said.
The intended sale will not include Delta Lloyd's banking activities in the Netherlands, as the departments in both countries are separate entities.
The Delta Lloyd Bank Belgium serves around 171,000 customers through a network of 55 branches and 75 independent agents.
According to Delta Lloyd, the intended sale will have no consequences on the bank customers. "They will continue to benefit from broad expertise and personal service in all areas that are relevant to them," the statement said.
A total of 570 fulltime staff is working for the Belgian banking part.