Mapfre buys bank's stake in Mapfre America for €244m
- Francesca Nyman
- 29 Mar 2012
- Be the first to comment
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.
Latest news
You may also like
Latest white papers
Updating your subscription status 
Video: Insurance claims in Asia - An interview with Rudolf Frei
What is the claims environment like in Asia? What are insurers doing to manage increasing claims costs and is there sufficient expertise in the market to handle future claims?
James Portelli
Middle East blog: Poacher turned game keeper
Francesca Nyman
Middle Eastern Promise
World Insurance Report 2013
Capgemini and Efma are pleased to present the sixth edition of the World Insurance Report (WIR). This report looks at the channel and other preferences of insurance customers by analysing data from Capgemini's Customer Experience Index (CEI).
Designing an international insurance programme
Designing a multinational insurance programme is a complex undertaking. However, the right strategy and tools help optimise performance and boost bottom-line results. This Aon Benfield article addresses the key challenges to overcome, including cultural issues, regulations, business process management and risk.
Lloyd's country profile: Singapore - September 2012
Country Profiles provides individual summaries for Lloyd's key territories. These profiles contain factsheets on the economy, insurance market and Lloyd's business. This analyst report from September 2012 focuses on Singapore.
Platinum partner
Insurance Insight is brought to you in association with Ernst & Young
Digital Publisher of the Year 2010
Visitor comments Add your comment