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Spain's Caja Madrid to get 188 mln euros from Mapfre

Source: Reuters - Tue 29th Mar 2011

Spanish savings bank Caja Madrid will receive 188 million euros from the dissolution of its cross-shareholding pact with Mapfre, the Spanish insurance company said on Tuesday.

Mapfre said early in March that the two companies planned to exchange back the stakes they hold in each other's business units but continue to use each other's branch networks for their banking and insurance alliance.

Spanish savings banks are trying to shore up their capital levels to meet strict new Bank of Spain rules by selling stakes in companies and ventures, among other capital raising measures.

Mapfre plans to exchange the 49% stake it holds in its banking services joint venture with Caja Madrid for the 12.5 percent stake Caja Madrid holds in its Mapfre International unit and 188 million euros.

"The amount was agreed on by both parties as the difference in value between the two stakes," Mapfre said in a statement.

Caja Madrid still holds 15 percent of Mapfre.

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