BANKIA CONCLUDES THE REORGANIZATION OF THE INSURANCE BUSINESS DERIVED FROM THE INTEGRATION OF BMN

  • Sells to Mapfre 51% of Caja Granada Vida and Cajamurcia Vida y Pensiones for 110 million euros
  • In general insurance, it extends the scope of its current alliance with Mapfre to the network from BMN, once an agreement has been reached with Caser for the conclusion of its commercial distribution alliance
  • Bankia maintains its joint venture with Caser for the life and pensions business in Islas Baleares

Bankia concludes the reorganization of the insurance business derived from the integration of BMN after signing two agreements with Mapfre and Caser.

The bank sells to Mapfre 51% of Caja Granada Vida and Cajamurcia Vida y Pensiones for 110 million euros.

In turn, it maintains its joint venture with Caser for the life and pensions business in the Balearic Islands. This company continues to be owned 81% by Caser and 19% by Bankia.

In this way, Bankia will exclusively distribute Mapfre’s life insurance in its branch network, except for those located in the Balearic Islands, which will continue to distribute the Caser Group’s products.

The effectiveness of this operation is subject to obtaining the corresponding regulatory authorizations and the competition authorities.

Regarding pension plans, Bankia will act with its own company throughout its network, except in the Balearic branches, where it will continue to distribute the Caser Group’s plans.

As regards general insurance, Bankia extends the scope of its current alliance with Mapfre to the entire network from BMN, once an agreement has been reached with Caser, through which it concludes its commercial alliance for the distribution of this type of insurance. Following these movements, Bankia will exclusively distribute Mapfre’s general insurance in its entire branch network.

The operations derived from the reordering of the insurance business alliances in the different branches will not have a significant negative impact on Bankia’s net equity.

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