Unicaja Bank It became official this Monday. buy group Mapfre 50% of CCM Life and Pensions, the insurer had half of the 131.4m euros after obtaining the necessary permits. This amount corresponds to 110% of the market value of 50% of the shares of CCM Vida y Pensiones. Mapfre made a net profit of 1.7 million from this sale.
The operation is part of Unicaja Banco’s restructuring strategy of bancassurance alliances. After its merger with Liberbank. The financial institution in Malaga was due to cease since its agreement with Mapfre for the production and distribution of life insurance and pension plans through the network of financial institutions. Santa Lucia company has been selected by Unicaja as the insurance partner in the Life branch.
The agreement between the two organizations Santa Lucia acquires 50% plus a stake in CCM Vida y Pensiones Insurance and Reinsurance and d Liberbank Life and Pension, Insurance and Reinsurance, so Unicaja Banco will retain the remaining percentage and expand the existing alliance.
“With this first milestone in time and in accordance with established conditions, Unicaja Banco continues to complete the process of expanding its bancassurance alliance with Santa Lucía,” Unicaja Banco said in a note to Spanish exchange CNVV. supervisor.
Unicaja Banco had to reorganize its insurance alliances as a result of its merger with Liberbank, as regulations prevented it from having multiple bancassurance agreements with different insurers in a single network at the same branch.