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Daily Insurance Industry News
Monday 19th of February 2018
November 17, 2010

Zurich sells stakes in Spanish bancassurance JVs

by Gill Montia

Story link: Zurich sells stakes in Spanish bancassurance JVs

Zurich sells stakes in Spanish bancassurance JVs

Zurich has announced that it has entered into a definitive agreement to sell back to Unnim its 50% stakes in the Spanish life and general bancassurance companies jointly owned with Unnim.

The agreement follows the merger of Caixa Sabadell together with Caixa Terrassa and Caixa Manlleu to form Caixa d’Estalvis Unió de Caixes de Manlleu, Sabadell i Terrassa (or Unnim) on 1st July 2010.

Unnim will pay €285 million for Zurich’s stakes in the jointly-owned companies.

Completion is subject to customary regulatory clearances and is expected in the first quarter of 2011, with both companies promising an orderly transition for customers.

Zurich has also confirmed that it remains fully committed to the life and general insurance markets in Spain and to its other bancassurance partners in the country.

 

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