Unicaja Banco expands its alliance with Santalucía for up to 358 million

MADRID, 23 May. (EUROPA PRESS) -

Unicaja Banco has reached an agreement with Santalucía to extend their joint bancassurance alliance in the life risk, savings, accident and pension plan branches for a maximum amount of 358 million euros, while announcing the end of the agreements with Mapfre and Aegon after the merger by absorption with Liberbank.

This is a business that Unicaja Banco was reorganizing after the integration of Liberbank, since the absorbed entity had two joint ventures, one with Aegon and the other with Mapfre. For its part, Santalucía is Unicaja's partner in bancassurance, through the 'joint venture', Unimediación, of which each one controls 50%.

Under the agreement reached between Unicaja and Santalucía, the insurer is expected 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.

The purchase and sale operation is subject to obtaining the corresponding regulatory and competition authorizations and to the termination of Unicaja Banco's alliances with Mapfre and Aegon.

The consideration to be received by Unicaja Banco as a result of the agreement reached with Santalucía amounts to a preliminary amount of 318 million euros -although it is an amount subject to certain adjustments after the closing of the operation-, plus a variable amount of up to 40 million euros, based on the level of achievement of certain business objectives over the next ten years.

Once the operation is completed, it is estimated that it will have a total positive impact of around 20 basis points on Unicaja's CET1 capital ratio, without taking into account the aforementioned variable payment.

The entity has yet to close the accounting treatment, although it estimates that, of the impact of 20 basis points, ten basis points will be recognized immediately through results. The remaining ten basic points will be recognized in future results, without taking into account the aforementioned variable payment.