Credit Agricole to Increase Stake in GNB Seguros
October 16 2018 - 4:03AM
Dow Jones News
By Cristina Roca
Credit Agricole SA (ACA.FR) said Tuesday that it will buy a 25%
stake in GNB Seguros from Seguradoras Unidas, increasing its stake
in the Portuguese insurance company to 75%.
Portuguese bank Novo Banco will retain the remaining 25% of GNB
Seguros, Credit Agricole said, reinforcing the two companies'
partnership. GNB Seguros's products are mainly distributed through
Novo Banco's network and, most recently, through Credibom, Credit
Agricole's Portuguese entity, the company said.
The French bank's insurance business, Credit Agricole
Assurances, is pursuing a strategy of forming partnerships with
banking groups, it said. In July, it announced a partnership in the
life insurance sector with the Italian bank Credito Valtellinese
SCARL (CVAL.MI).
The divestment will allow Seguradoras Unidas to better
concentrate on its main distribution channel, it said.
No financial details about the transaction were disclosed.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
October 16, 2018 03:48 ET (07:48 GMT)
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