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Spain's Criteria sells 50 pct of insurer for $1.4 bln

Source: Reuters - Fri 14th Jan 2011

Spanish Savings bank La Caixa's holding company Criteria said on Friday it is selling half of La Caixa's insurance business for 1.08 billion euros to Madrid-based insurer Mutua Madrilena.

Mutua Madrilena will choose the executive chairman of La Caixa and VidaCaixa Adelsas non-life division and will be allowed to proportionally consolidate the group's earnings into its own results, Criteria and Mutua Madrilena said in a statement.

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