Zurich Financial Services Group announced the completion of the acquisition of a 50 percent stake in the insurance operations of Spain’s Banco Sabadell S.A. and the establishment of a long-term strategic distribution partnership with the country’s fourth largest bank.
Zurich acquired a 50 percent participation in BanSabadell Vida S.A. de Seguros y Reaseguros (BanSabadell Vida), BanSabadell Pensiones E.G.F.P., S.A., and BanSabadell Seguros Generales, S.A. de Seguros y Reaseguros (BanSabadell Seguros Generales). The transaction was first announced on July 11, 2008, and could be closed ahead of plan.
Jochen Schwarz, Zurich’s Head of Bancassurance, has been appointed as the new Chairman and Silvia Avila, former Bancassurance Deputy CEO in Banco Sabadell, as the new CEO of the jointly owned companies.
Zurich said the joint management arrangement demonstrated its “commitment and strong interest to develop jointly life and general insurance business lines and to assure a smooth and effective integration into Zurich.”
Source: Zurich – www.zurich.com
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