Spnaish savings bank Banco Financiero y de Ahorros has agreed to sell its 10.36% stake in Mapfre America to the insurer's parent company for €244m.
BFA has today exercised a put option agreed between the parties in 2005.
"Mapfre will further progress in its international development in a region of significant importance to the group," the firm said.
The sale of Mapfre America's shareholding improves the solvency of the BFA/Bankia Group, in line with the strategy announced by the firm to the market.
Mapfre America is the Mapfre Group holding company that comprises its international insurance business in Latin America, where it is present in 18 countries and is the leading non-life insurance company and second in the overall ranking.
Corporación Financiera Caja de Madrid acquired the shareholding in 1998, which was incorporated into BFA as a result of the integration of the assets and business of Caja Madrid and other six savings banks into BFA and Bankia.
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