Insurance group Aegon is investing tens of millions of euros in a new retail banking project, the Financieele Dagblad reports on Monday.

Aegon has confirmed its involvement but not the size of the investment, the paper says.
The project is led by Rene Frijters, one of the founders of investment bank Alex. ‘I want to build a retail bank in which the customer really comes first,’ Frijters told the paper. ‘Banking can be made a lot easier and more transparent.’
Sources told the paper Aegon’s investment is several tens of millions of euros and the bank is due to launch next year. The institution has not yet been given a banking licence.