- Allianz Group sells 8.4 percent stake in Banco BPI to CaixaBank
- Allianz and CaixaBank agree to reorganize terms of insurance distribution cooperation in Portugal
- Allianz Group aims to extend and deepen insurance partnership in Portugal with Banco BPI, subject to approval
MUNICH, 07-May-2018 — /EuropaWire/ — Allianz Group has agreed to sell shares representing 8.4 percent of the share capital of Banco BPI to CaixaBank. The total purchase price for this transaction is 178 million euros or 1.45 euros per Banco BPI share. As a result, CaixaBank’s stake in the share capital of Banco BPI will rise to 92.9 percent.
In addition, Allianz has agreed with CaixaBank to reorganize the insurance business partnership through Banco BPI in Portugal, the aim of which is to maintain and strengthen cooperation for the distribution of non-life insurance. The new terms will be subject to approval by the governing bodies of Allianz Portugal and Banco BPI.
The Allianz Group is one of the world’s leading insurers and asset managers with more than 88 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing over 650 billion euros on behalf of its insurance customers while our asset managers Allianz Global Investors and PIMCO manage an additional 1.4 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2017, over 140,000 employees in more than 70 countries achieved total revenue of 126 billion euros and an operating profit of 11 billion euros for the group.
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SOURCE: Allianz SE