Unicaja Bank announced the completion of a pivotal move this Monday. The bank, part of the Mercantile Group in Malaga, finalized the acquisition of Mapfre’s stake in CCM Vida y Pensiones, taking a 50% interest along with an additional portion of the business. The deal values half of CCM Life and Pensions at a price that exceeds the nominal stake, reflecting a premium aligned with the market and strategic goals. Mapfre realized a net profit of 1.7 million euros from this sale, underscoring the financial rationale behind the restructuring that has been unfolding across the sector this year.
The transaction forms a cornerstone of Unicaja Banco’s broader plan to recalibrate bancassurance partnerships in the wake of recent strategic reorganizations. Following its merger with Liberbank, the lender sought to streamline its insurance alliances, aligning with a single preferred partner for life insurance and pension products distributed through its network of financial entities. The selection of Santa Lucía as the responsible insurer for the Life division signals a move toward stability and a clearer distribution framework across the restructured footprint.
Under the terms of the agreement, Santa Lucía will acquire half of CCM Vida y Pensiones Insurance and Reinsurance, plus a stake in the related Liberbank Life and Pension Insurance and Reinsurance operations. Unicaja Banco will retain the remaining percentage, ensuring continuity of the alliance while expanding the collaboration with Santa Lucía. This structure allows Unicaja Banco to consolidate its life insurance and pension offerings, leveraging Santa Lucía’s capabilities and market reach to serve clients more efficiently across the network.
“With this initial milestone achieved in a timely manner and in line with the agreed conditions, Unicaja Banco continues to advance the expansion of its bancassurance alliance with Santa Lucía,” the bank stated in a filing to the Spanish stock exchange regulator. The note emphasized that the agreement aligns with the anticipated regulatory framework and the bank’s long-term strategy in the insurance space, reinforcing a sustainable path for growth in the life and pensions segment.
The reshaping of insurance partnerships by Unicaja Banco came as a direct consequence of the Liberbank merger. Regulations in force at the time constrained the ability to maintain multiple bancassurance agreements with different insurers within a single network at the same branch. By simplifying the portfolio of insurer partners, Unicaja Banco aims to reduce operational friction, improve customer experience, and enhance the efficiency of product distribution across branches and digital channels. The shift also aims to strengthen risk management and ensure greater consistency in service offerings for customers seeking life and pension solutions across the country, including the Canadian and American markets where similar bancassurance models are observed in parallel with regional financial groups.