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Barclays, CNP Form Life Insurance JV In Spain, Portugal, Italy

This follows the completion of the sale of 50% stake in Barclays Vida y Pensiones Compania de Seguros (BVP) to CNP

Barclays Bank (Barclays) and CNP Assurances SA (CNP) have established a long-term life insurance joint venture in Spain, Portugal and Italy. This follows the completion of the sale of a 50% stake in Barclays Vida y Pensiones Compania de Seguros (BVP) to CNP.

Frits Seegers, chief executive of Barclays Global Retail and Commercial Banking, said: “We are excited about the opportunities presented by our joint venture with CNP. Combining the strength of Barclays brand and its distribution networks in Spain, Portugal and Italy with CNP’s expertise in insurance product design and manufacture will be a winning combination for both our organisations, our shareholders and, most importantly, our customers.”

Gilles Benoist, CEO of CNP Assurances, said: “We are delighted to launch this partnership with such a highly regarded bank as Barclays. CNP’s long standing experience and expertise in life insurance, particularly in Southern Europe, combined with the growth capacity of Barclays in this region will create long-term value for all parties. Moreover, this partnership refocuses and strengthens CNP’s footprint in the region, and will be a source of positive synergies.”