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Spain's Sabadell expands insurance jv with Zurich

Source: Reuters - Tue 20th May 2014
 Spain's Sabadell expands insurance jv with Zurich

Spain's Banco Sabadell said on Tuesday it had expanded an insurance joint venture with Zurich in a deal valued at an initial €214 mln, half of which the Swiss company would contribute in cash.

The joint venture includes new insurance assets inherited by Sabadell during the acquisition of smaller banks in recent years.

As part of the agreement, Zurich recovers its status as the sole provider of insurance and pension plans for all of Sabadell's branches, the bank said in a regulatory filing.

Further Reading :

* Spain's Sabadell says targets €1 Bln profit in 2016

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