Credit Agricole Partners With Abanca on Iberia Insurance
July 08 2019 - 6:43AM
Dow Jones News
By Nathan Allen
Credit Agricole SA (ACA.FR) said Monday that it has signed a
30-year deal to become Abanca Corporacion Bancaria SA's partner for
property-and-casual insurance in Spain and Portugal.
Under the terms of the deal Credit Agricole Assurances will take
a 50% stake in Abanca's subsidiary Abanca Generales de Seguros y
Reaseguros SA to create an equally-owned joint venture.
The joint venture will be based in Spain's Galicia region and
will target individual and corporate customers with revenues of
under 2 million euros ($2.2 million), Credit Agricole said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
July 08, 2019 06:28 ET (10:28 GMT)
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