ABANCA Corporación Bancaria S.A. (“ABANCA”) announces it has signed an agreement with Crédit Agricole Assurances S.A. (“Crédit Agricole Assurances”) under which Crédit Agricole Assurances will become, subject to certain conditions precedent, the insurance partner of ABANCA in the non-life insurance market in Spain and Portugal.
Under this agreement, Crédit Agricole Assurances will acquire 50% of the capital and voting rights of ABANCA Generales de Seguros y Reaseguros S.A. (“ABANCA Generales”), the company that will sell non-life insurance products in Spain and Portugal through the ABANCA network, and through digital channels on the Spanish and Portuguese market. The company will benefit from a long-term arrangement for the exclusive distribution of these products through ABANCA’s banking and digital networks. The ABANCA group will own the other 50% of the capital and voting rights of ABANCA Generales.
The acquisition of 50% of ABANCA Generales will be finalised subject to approval by the competent authorities.