Generali, one of the largest integrated insurance and asset management groups worldwide, reinforces its position as a leading insurance partner of Grupo Cajamar, Spain's largest cooperative banking group and one of the 10 largest Spanish entities by volume of assets, with which it has been developing its bancassurance activity in Spain since 2004.
Thus, Generali strengthens its relationship with Grupo Cooperativo Cajamar, acquiring a minority stake of 9.9% in Banco de Crédito Social Cooperativo, the parent entity of Grupo Cajamar, for an approximate amount of €150 million, and will have a representative on the Board of Directors once the transaction is completed.
For the CEO of BCC-Grupo Cajamar, Manuel Yebra, "Generali's entry into the capital of our bank is a natural move after a good relationship of more than 22 years. Undoubtedly, the incorporation of international shareholders, such as Generali, will support our growth and expansion in the coming years".
In the short term, the transaction will further strengthen Grupo Cooperativo Cajamar's equity structure, raising its phased-in solvency ratio to 17.6%, in line with the objectives set by Grupo Cooperativo Cajamar.
Following Generali's takeover, Grupo Cajamar's entities continue to represent the majority of Banco de Crédito Social Cooperativo's shareholding, accounting for more than 78% of the capital.
The advisors to BCC-Grupo Cooperativo Cajamar have been Alantra and Cuatrecasas.
950 21 03 86 | comunicacion@grupocooperativocajamar.com | @PrensaCajamar
