Unicaja Banco completes the purchase of 50% of Liberbank Vida y Pensiones from Aegon for 176.5 million

MADRID, 14 Oct. (EUROPA PRESS) -

Unicaja Banco has informed this Friday of the closing of the purchase for 176.5 million euros of 50% of Liberbank Vida y Pensiones that was in the hands of the insurer Aegon, once the corresponding regulatory and competition authorizations were obtained, according to the notification sent to the National Securities Market Commission (CNMV).

This is a new step in the reorganization that Unicaja Banco is carrying out in the insurance area after the integration of Liberbank in July 2021.

In May, the Malaga-based entity reported the expansion of its alliance with Santalucía, for an amount of up to 358 million euros, and the termination of the agreements with Aegon and Mapfre, the two companies with which Liberbank had agreements in the insurance business before the merger with Unicaja.

Immediately afterwards, Aegon itself announced in May its intention to sell the 50% it owned in the joint venture Liberbank Vida y Pensiones for an amount of 177 million euros.

This 'joint venture' between Aegon and Liberbank dates back to 2008, when the insurance group established a joint venture Caja Cantabria, one of Liberbank's predecessors. This company has offered life risk, life savings and pension products to Spanish retail customers through Liberbank's banking channels.

It should be noted that on October 10, both Mapfre and Unicaja Banco announced the termination of their agreement whereby the insurer sold 50% of CCM Vida y Pensiones de Seguros y Reaseguros to the bank for a total of 131.4 million euros.

The agreement between Unicaja and Santalucía provides for the latter insurer to acquire 50% plus one share of CCM Vida y Pensiones de Seguros y Reaseguros, and of Liberbank Vida y Pensiones, Seguros y Reaseguros. Unicaja will keep the remaining percentage and expand its alliance with the insurer.