Banco BPI Sells Assets to CaixaBank for EUR222 Million
November 24 2017 - 1:49AM
Dow Jones News
By Nathan Allen
Portugal's Banco BPI SA (BPI.LB) said late Thursday that it will
sell its life insurance and pension-management business, and two
investment funds to CaixaBank SA (CABK.MC) for a total of 222
million euros ($262.8 milllion).
CaixaBank--which owns an 84.5% stake in Banco BPI--will pay
EUR135 million for the life insurance and pensions business through
its VidaCaixa subsidiary. It will also buy BPI Asset Management and
the BPI Global Investment Fund for EUR75 million and EUR8 million,
respectively.
The Spanish bank will also buy BPI's research and brokerage
business for EUR4 million, and set up an office in Portugal to
develop it.
BPI expects pretax capital gains of EUR73 million from the
transactions, while its fully-loaded common equity Tier 1 ratio
should strengthen to 12.8% from 11.5%.
CaixaBank said the transactions won't affect its balance sheet,
financial results or capital ratios.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
November 24, 2017 01:34 ET (06:34 GMT)
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