Allianz Sells 8.4% Stake in Portugal’s Banco BPI to CaixaBank

Allianz Group said it has agreed to sell shares representing 8.4 percent of the share capital of Banco BPI to CaixaBank.

The total purchase price for this transaction is 178 million euros or 1.45 euros per Banco BPI share. As a result, CaixaBank’s stake in the share capital of Banco BPI will rise to 92.9 percent.

Spanish lender CaixaBank said in the coming weeks it plans to pursue the de-listing of Banco BPI in accordance with the Portuguese Securities Code in order to raise its stake to 100 percent.

In addition, Allianz and CaixaBank have agreed to reorganize the Allianz and Banco BPI insurance business partnership in Portugal, with the aim of strengthening cooperation for the distribution of non-life insurance for the next 10 years. With respect to life insurance products from Allianz Portugal, BPI would continue to distribute them until the end of 2019. As of 2020, it is expected that BPI shall start distributing life insurance products from BPI Vida e Pensões.

The new terms are subject to approval by the governing bodies of Allianz Portugal and Banco BPI.