Allianz Group has entered an agreement with CaixaBank to sell its 8.4% stake in Portugese investment bank Banco BPI in return for a reorganisation of the terms of insurance distribution cooperation in Portugal.
The total purchase price of the share transaction is €178 million, or €1.45 per Banco BPI share, and the purchase will take CaixaBank’s stake in the share capital of Banco BPI to 92.9%.
Following the transaction, CaixaBank will reorganise the insurance business partnership through Banco BPI in Portugal, with the aim of maintaining and strengthening cooperation for the distribution of non-life insurance.
Allianz Group believes the agreement will extend and deepen its insurance partnership in Portugal with Banco BPI, although the new terms remain subject to approval by the governing bodies of Allianz Portugal and Banco BPI.
Allianz offers its customers a broad range of personal and corporate re/insurance services, including property, life and health products, as well as assistance services, credit insurance, and global business insurance.