Swedish supermarket operator ICA Ahold and Dutch insurance company Aegon have ended negotiations on forming a joint venture involving ICA Banken, a subsidiary of ICA Ahold.

In November 2002, ICA Ahold and Aegon announced that they had started talks on a 50/50 joint venture in ICA Banken (based in Solna, Sweden), for the provision of financial services through ICA Ahold’s retail network. These negotiations have been discontinued, because of divergent views on both the strategic direction for the bank and the transaction price, Ahold said.

ICA Banken remains a wholly owned subsidiary of ICA Ahold AB and will continue to focus on providing financial services.