Portugal’s largest private bank, Banco Comercial Portugues, is selling most of its insurance business and creating an alliance with Dutch-Belgian bank Fortis NV, according to the Associated Press.
BCP said it will sell its non-life insurance units to state-owned rival Caixa Geral de Depositos for euro343 million (US$426 million) and 50 percent of its life insurance assets to Fortis for euro500 million (US$621 million). Both sales are cash deals, BCP said.
BCP and Fortis are to work together in the Portuguese market selling life and health insurance products via BCP’s retail banking network. The companies will also explore other opportunities to expand, BCP said.
The asset sales are subject to regulatory approval.
Copyright 2004 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Was this article valuable?
Here are more articles you may enjoy.
‘Ghost Broker’ Who Procured 1,120 Policies Through Fraud Arrested 
Mississippi Insurance Dept. Top Examiner Named in $90M Credit Union Theft Suit 
UK Payments Firm Moved Billions for Risky Clients Before FCA Seizure 
KPMG Australia Scandal Widens After it Confirms Optus Data Was Misused 
