and MetLife signed an agreement in which sells its 99.86% stake in DenizEmeklilik, the life insurance and pension subsidiary of DenizBank in Turkey, for a total consideration of € 162m. The agreement also includes a 15-year exclusive agreement for the distribution of MetLife’s life, pensions, personal accident and unemployment insurance products and solutions through DenizBank’s branch network.
Closing is expected before the end of 2011.
expects to generate a capital gain of c. € 119m after tax upon closing.
The announced sale of DenizEmeklilik is part of the EC approved restructuring plan. tends to offset realized gains by realized losses on the accelerated divestment of run-off bonds. This is why we make no adjustments to our FY11E basic EPS forecasts.
We remain Accumulating with an unchanged target of € 3.50 which corresponds with the tangible book value per share.