Spanish Mapfre to buy 50% of Portuguese Finibanco’s life insurance unit

Spanish insurer Mapfre (MCE:MAP) said on Wednesday it has agreed to buy a 50% stake in the life insurance unit, Finibanco Vida Companhia de Seguros de Vida, of Portuguese bank Finibanco (ELI:FNB).

The value of the transaction is estimated at EUR15m (USD21.6m).

Under the deal, Finibanco will be in charge of distributing the non-life insurance policies of the Spanish company via its 172 branches.

Mapfre is expected to get premiums of some EUR25m in 2010, in connection with the transaction.

Country: Portugal

Sector: Insurance

Type: JV

Status: Agreed

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