ZAANDAM, The Netherlands, Nov. 7, 2002 (PRIMEZONE) -- Ahold's (NYSE:AHO) Scandinavian joint venture ICA Ahold and AEGON The Netherlands, expect to conclude negotiations on a 50/50 joint venture in the ICA Ahold subsidiary ICA Banken, for the provision of financial services through ICA Ahold's retail network outlets initially in Sweden.
ICA Ahold intends to sell a 50% stake in ICA Banken to AEGON. ICA Banken is a subsidiary of ICA Ahold that was launched last year, which offers financial services to ICA Ahold customers in Sweden. ICA Ahold and AEGON, one of the world's largest listed life insurance groups, plan to accelerate the development of ICA Banken and expand the range of products and services provided.
ICA Ahold successfully entered the financial services market in Sweden with ICA Kundkort over the past decade, offering a limited number of saving and credit products to its one million financial services customers. AEGON will contribute its global financial services expertise, including the experience gained in a joint venture with Albert Heijn, a subsidiary of Koninklijke Ahold in The Netherlands.
This joint venture will be subject to the regulatory approvals of the relevant authorities.
ICA Ahold
ICA Ahold AB is the leading retailing group in the Nordic region with 3,100 stores in Scandinavia and the Baltic countries. In addition, ICA Ahold and Statoil jointly own and operate 1,500 Statoil service stations across Scandinavia. ICA Ahold is owned by ICA Forbundet Invest AB (30%), Canica AS of Norway (20%) and Ahold (50%). The ICA Ahold joint venture was established in April 2000.
Ahold is a multilocal food retailer and foodservice operator serving 40 million customers in 27 countries every week.
This Ahold press release contains "forward-looking statements". Actual results may differ from such statements as they may have been influenced by factors beyond the company's ability to control, as more fully discussed in the company's annual report.