Zurich Financial Services Group (Zurich) today announced that yesterday evening it has entered into a definitive agreement to sell back to Unnim its 50% stakes in the life and general insurance bancassurance companies jointly owned with Unnim (the “Unnim Jointly Owned Companies”).
The agreement follows the merger of Caixa Sabadell together with Caixa Terrassa and Caixa Manlleu to form Caixa d’Estalvis Unió de Caixes de Manlleu, Sabadell i Terrassa or Unnim on July 1, 2010.
Unnim will pay a cash consideration of USD 388 million (EUR 285 million) to Zurich in exchange for Zurich’s Unnim Jointly Owned Companies stakes.
Completion is subject to customary regulatory clearances and is expected in the first quarter of 2011. Zurich and Unnim will work on an orderly transition to ensure that customers of the Unnim Jointly Owned Companies are not affected by the transaction.
Zurich remains fully committed to the life and general insurance markets in Spain and to its other bancassurance partners in the country.