Generali to buy 9.9% of Spain's Banco de Crédito Cooperativo for €150 million

By Reuters News

MILAN, Oct 2 (Reuters) - Italy's top insurer Generali GASI.MI said on Friday it had agreed to buy a 9.9% stake in Spain's Banco de Crédito Cooperativo for a total consideration of €150 million.

  • Banco de Crédito Cooperativo is the holding entity of Generali's 22-year bancassurance partner Grupo Cooperativo Cajamar (GCC)

  • The deal will be carried out by Generali Spain within its investment portfolio and will have no material impact on the Generali’s solvency level

  • It is expected to close in the second half of 2027, subject to all required regulatory approvals

  • The investment further strengthens the strategic alignment between Generali and GCC and reinforces Generali's position as a leading insurance partner in Spain, the Italian insurer said in a statement

  • "We look forward to expanding this relationship in the years ahead to the benefit of our customers,” Generali's Group Deputy CEO Giulio Terzariol said

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