Crédit Agricole Assurances announces the signing of an agreement with Novo Banco for the acquisition of 25% of GNB Seguros, a non-life insurance company in Portugal. Crédit Agricole Assurances thus increases its stake to 100% of the capital of GNB Seguros.
Crédit Agricole Assurances signed an agreement with Seguradoras Unidas to acquire a 25% stake in GNB Seguros. Post closing, Crédit Agricole Assurances would therefore increase its stake from 50% to 75% of GNB Seguros, the remaining 25% stake being held by the Portuguese banking Group Novo Banco. The transaction is subject to approval by Portuguese authorities. This operation confirms Crédit Agricole Assurances’s willingness to go on developing its non-life business in Portugal and to reinforce its partnership with Novo Banco. Following the announcement in July 2018 of a partnership in life insurance with the Italian bank Credito Valtellinese, this transaction also confirms Credit Agricole Assurance's strategy to develop partnerships with external banking groups to strengthen its international presence.
Crédit Agricole Assurances (“CAA”) announces its intention to purchase an aggregate amount of up to no. 350,748,473 shares of Credito Valtellinese S.p.A. (“CreVal” or the “Bank”), equal to 5.0% of the share capital of the Bank (the “Target Stake”).
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