MAPFRE / CAIXABANK: TERMINATION OF BANKIA-MAPFRE BANCASSURANCE AGREEMENT (ANÁLISIS BANCO SABADELL)
CABK and MAP have issued communiqués with the conditions for the termination of the Bankia-Mapfre bancassurance agreement, which will be executed as follows: MAP will receive € 571 M, of which € 294 M would correspond to the valuation of the Life business to be transferred (51% of the JV), € 225 M to the valuation of the Non-Life business and an additional 10% (€ 52 M) to the termination of the agreement. In this regard, we recall that MAP had previously indicated that the compensation included in the agreement was 20%.
Caixabank is an investment company based in Spain. Co. is involved in investment portfolio management activities across two areas: Services and Financial Business and Insurance. In the services area, Co. provides investment solutions for companies involved in the infrastructure, energy, services and entertainment sectors. In the financial business and insurance area, Co. is engaged in the investments for international banks, insurance and specialist financial services. Co. focuses most of its banking investments in India, China, the U.S., and Central and Eastern Europe with a particular interest in retail banking. Co. is also involved in the disinvestments activities.
Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.
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