Ahold has scrapped its plans to introduce a new financial services unit in conjunction with Dutch insurance company Aegon.

The global retailer and Aegon had proposed a 50:50 venture with ICA Banken - a subsidiary of Ahold's Swedish unit ICA Ahold - to provide a financial services across Ahold’s network in Sweden.

Ahold said it had failed to agree on the cost and strategic direction of the venture with Aegon.