Zurich to sell 50% stake in Spanish life business to Unnim
Zurich Financial Services Group has entered into a definitive agreement to sell back to Spanish savings bank Unnim its 50% stakes in the life and general insurance bancassurance companies jointly owned with Unnim.
Unnim will pay a cash consideration of $388m to Zurich in exchange for Zurich’s Unnim jointly owned companies stakes.
The agreement follows the merger of Caixa Sabadell together with Caixa Terrassa and Caixa Manlleu to form Caixa d'Estalvis Unio de Caixes de Manlleu, Sabadell i Terrassa or Unnim on July 1, 2010.
The completion of the transaction is subject to customary regulatory clearances and is expected in the first quarter of 2011.
Zurich has said that it will work along with Unnim on an orderly transition to ensure that customers of the Unnim Jointly Owned Companies not to be affected by the transaction.
Latest News
Related News
Related Dates
2010> November
Related Industries
Financial Services> Insurance> Non-Life Insurance
Related Insight
Suppliers Directory
Life Insurance & Pensions
Intermediaries Brokerage Underwriting London Lloyds
Reinsurance
Technology Technology in Insurance Outsourcing
Regulatory & Risk
Intelligence
Allianz SE (Allianz) is one of the leading global financial services providers, offering a range of banking, asset management and insurance services. The company was formerly known as Allianz AG. Allianz is the parent company for the Allianz Group of companies. The company is one of leading insurance providers in the property and causality, and life insurance in the global market. Allianz is one of the major players in the German insurance market. The company, combined with its subsidiaries, serves over 75 million customers in more than 70 countries across Europe, Asia-Pacific, America and Africa. The company's banking operations are conducted through Dresdner Bank AG and its subsidiaries. Global Markets Direct’s Allianz SE - Financial and Strategic Analysis Review is an in-depth business, strategic and financial analysis of Allianz SE. The report provides a comprehensive insight into the company, including business structure and operations, executive biographies and key competitors. The hallmark of the report is the detailed strategic analysis of the company. This highlights its strengths and weaknesses and the opportunities and threats it faces going forward. Reports Buy online from $125

Comments may be moderated for spam, obscenities or defamation.