The Hague, Netherlands — Dutch financial services giant AEGON N.V. has moved to solidify its financial position by accepting a capital infusion from its home government.
AEGON will receive the cash via its largest shareholder, Vereniging AEGON. The move follows an announcement on October 9 by the Dutch government that it would make $20 billion euros of capital available to companies in the financial sector that are fundamentally sound and viable.
“We welcome this additional capital buffer that the Dutch State has provided via Vereniging AEGON in this time of uncertainty and unprecedented economic turmoil,” says Alex Wynaendts, CEO of AEGON. “Together with the steps we are taking to release capital and further reduce risk from our businesses, this allows us to enter 2009 with a significantly reinforced capital position and to focus on executing our strategy.”
The company says the money will buffer its capital requirements to a level “substantially in excess of its AA rating requirements.”
Source: AEGON N.V.
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