Portugal’s largest private bank, Banco Comercial Portugues, is selling most of its insurance business and creating an alliance with Dutch-Belgian bank Fortis NV, according to the Associated Press.
BCP said it will sell its non-life insurance units to state-owned rival Caixa Geral de Depositos for euro343 million (US$426 million) and 50 percent of its life insurance assets to Fortis for euro500 million (US$621 million). Both sales are cash deals, BCP said.
BCP and Fortis are to work together in the Portuguese market selling life and health insurance products via BCP’s retail banking network. The companies will also explore other opportunities to expand, BCP said.
The asset sales are subject to regulatory approval.
Copyright 2004 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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