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Allianz, CaixaBank to reorganize insurance business partnership in Portugal

Allianz and CaixaBank have agreed to reorganize terms of insurance distribution cooperation in Portugal.

The insurer has also agreed to divest 8.4% stake in Banco BPI to CaixaBank for €178m.

CaixaBank will own 92.9% of stake in Banco BPI.

After completing this transaction, CaixaBank intends to request BPI General Assembly’s chairman to approve the delisting of Banco BPI from the Comissão do Mercado de Valores Mobiliários (The Portuguese Securities Market Commission) (CMVM).

CaixaBank is also planning to acquire the remaining shares of Banco BPI and increase its stake to 100% at €1.45 per share in a total cash transaction. This is estimated to cost around €149.25m.

By reorganizing the insurance business partnership in Portugal, the companies intend to maintain and strengthen cooperation for the distribution of non-life insurance.

The new terms will be subject to approval by the governing bodies of Allianz Portugal and Banco BPI.

Banco BPI will continue to distribute Allianz Portugal’s life insurance until the end of 2019. It is also expected that BPI shall start the distribution of life insurance products from BPI Vida e Pensões.

In any case, the life insurance contracts subscribed by BPI customers with Allianz Portugal will continue in force on their own terms. Banco BPI shall continue to owning a stake of 35% in Allianz Portugal.

In late April, Allianz stated that it will complete the acquisition of Euler Hermes Group through a squeeze-out procedure and will buy out the remaining minority shares in the company.

Once the acquisition is completed, Allianz seeks to de-list Euler Hermes from the Euronext Paris stock exchange.

 


Image: CaixaBank Chairman Jordi Gual and CEO Gonzalo Gortázar. Photo: Courtesy of CaixaBank, S.A.