Generali strengthens its position in Spain. The insurance company has reached an agreement for the acquisition of a stake equal to approximately 9,9% in Banco de Crédito Cooperativo (Bcc), holding company Cooperative Group Cajamar (Gcc) for a fee equal to 150 million.
“The operation represents a significant step in theevolution of the partnership “This investment represents a significant step forward in the bancassurance partnership between Generali and GCC, one of Spain’s leading financial groups, which began over 20 years ago,” the Lion company said in a statement. The investment, according to the company, strengthens the strategic alignment between the two companies, consolidates Generali’s role as a leading insurance partner in Spain, and is fully in line with the Lifetime Partner 27: Driving Excellence strategic plan.
Terzariol CEO: "This investment strengthens our presence in Spain."
Giulio TerzariolGeneral Manager – Group Deputy CEO of Generali, said: “Our partnership with Grupo Cooperativo Cajamar has generated, for over two decades, solid and consistent growth, as well as extraordinary value for our customers. This investment reflects our confidence in the long-term potential of the partnership and our commitment to further strengthen our presence in Spain, one of the Group's key European markets. We look forward to further developing this partnership in the years to come, for the benefit of our customers."
On the same line too Carlos Escudero Segura, CEO of Generali Spain: “This agreement further strengthens a long-standing relationship that has created value through collaboration, trust, and a shared vision. For over 20 years, Generali and Grupo Cooperativo Cajamar have built one of the longest-lasting and most successful bancassurance partnerships in Spain. This new milestone consolidates our shared commitment to continue to grow together, leveraging Cajamar’s excellent distribution capabilities and Generali’s insurance expertise to offer innovative solutions and even greater benefits to customers across the country.”
Generali: no impact on the Solvency Ratio
“The partnership with Grupo Cooperativo Cajamar is of significant strategic importance for Generali Spain and has helped consolidate the group's leadership position in key insurance segments, as well as its presence through Grupo Cooperativo Cajamar's extensive national distribution network,” the company further emphasizes.
The operation, which will be carried out by Generali Spain through its investment portfolio, will not have a material impact on the Solvency Ratio of the group. The improvement is expected in the second half of the 2027, once all necessary regulatory approvals were obtained. Deloitte acted as exclusive financial advisor to Generali, and Garrigues acted as legal advisor.
