Delta Lloyd sells banking operations to Anbang

Dutch insurer Delta Lloyd NV has agreed to sell its Belgian banking operations to China's privately held Anbang Insurance Group for 219 million euros ($273 million).

The sale, announced on Tuesday, comes just two months after Delta Lloyd said it had scrapped plans to dispose of the unit, after talks with another potential buyer collapsed.

With managed assets of roughly 7.7 billion euros, Delta Lloyd Bank Belgium focuses primarily on the middle and high-end market, serving 171,000 customers out of 55 branches.

Delta Lloyd, which aims to be one of the top three life insurers in Belgium, will continue to use the bank network as a distribution channel for insurance and pension products.