The acquisition will have no other significant impact on the income statement or the solvency of the CaixaBank Group.
CaixaBank has reached an agreement with Caser for its subsidiary VidaCaixa to buy its 81.31% stake in the share capital of Sa Nostra Vida, a company dedicated to life insurance and pension plans that operates in the Balearic Islands, according to has informed the National Securities Market Commission (CNMV).
By virtue of the operation, VidaCaixa will pay 262 million euros to Caser. This price has been agreed between the parties in accordance with the premises set forth in the Sa Nostra Vida shareholders’ agreement.
The group has recorded a negative impact on its income statement of 29 million euros due to the penalty included in the price for the termination of the alliance with Caser in Sa Nostra Vida.
The planned acquisition will not have any other significant impact on the income statement or the solvency of the CaixaBank Group.
CaixaBank owns 18.69% of the remaining share capital of SaNostra Vida and plans to transfer this stake to VidaCaixa so that the insurer reaches 100% of Sa Nostra Vida so that it can later be integrated by merger.
As reported by the bank, the reorganization of the insurance businesses from Bankia will be completed after the acquisition agreed on Monday.
The acquisition is subject to obtaining authorizations from the National Markets and Competition Commission (CNMC) and the General Directorate of Insurance and Pension Funds (DGSFP).
