MADRID--Spanish bank Banco Sabadell SA (SAB.MC) has reached a deal to buy the 50% stake held by the Netherlands' Aegon NV (AEG) in Spanish insurer Meditarreneo Vida for EUR449.5 million.

Aegon acquired the stake through a joint venture with Caja de Ahorros del Mediterraneo, or CAM, a Spanish bank that was nationalized and then sold to Sabadell last year.

The deal still needs regulatory approval, Sabadell said Friday.

Write to David Roman at david.roman@wsj.com Twitter: @dromanber

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