Spain’s Unicaja pockets $339m on sale of stake in reinsurance unit

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MADRID, May 23 (Reuters) – Spain’s Unicaja expects a 318 million euro ($339 million) gain from the sale of a majority stake in its pensions and reinsurance business after the expansion of an alliance with the insurer Santa Lucia, the bank announced on Monday. .

Following the acquisition of Liberbank by Unicaja, which closed in July, Santa Lucia is expected to buy 50% plus one share of CCM Vida y Pensiones de Seguros y Reaseguros from Unicaja, formerly owned by Liberbank.

The deal is pending regulatory approvals and the end of Unicaja’s ties with insurance company Mapfre and with Aegon Spain’s reinsurance business, he said.

Unicaja will own the rest of this business unit and will extend its banking insurance agreement with Santa Lucia in certain areas such as savings, life risk and pension plans.

The lender will also be entitled to receive a variable amount of up to €40 million, depending on the achievement of certain business targets over the next 10 years.

Once completed, the transaction is expected to have a total positive impact of approximately 20 basis points on Unicaja’s Tier-1 capital ratio, excluding variable payment.

($1 = 0.9371 euros) (Reporting by Jesús Aguado; editing by Andrei Khalip)

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