AVIVA has sold its holding in joint venture CxG Aviva to NCG Banco for £226 million.
That comes after a decision by the Arbitration Tribunal in Madrid ruled in Aviva's favour following legal proceedings between the two companies. David McMillan, chief executive of Aviva Europe, said: "This is a good outcome for Aviva which reflects the strong agreements we have in place. We remain focused on maximising returns from our Spanish business in a recovering economy, where we have strong partnerships with leading regional banks."
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