Caixabank SA has entered into an agreement with VidaCaixa SAU subsidiary to acquire a stake in the insurance company Sa Nostra Compania de Seguros de Vida from Caja de Seguros Reunidos Compania de Seguros y Reaseguros for 262 million euros, in a move that is expected to strengthen insurance companies. activities of Caixabank, after the acquisition of its smaller competitor, Bankia.
The Spanish bank said late Monday night that VidaCaixa would buy 81.31% of Sa Nostra Vida, effectively taking ownership of the insurance company, as it already owns 18.69% which it plans to transfer to VidaCaixa, and eventually to merge the two entities.
“Once the acquisition takes place, the reorganization of insurance activities from Bankia will be completed,” CaixaBank said in a statement.
The bank committed 29m euros to complete the deal.
Source: Capital
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