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Generali to buy 9.9% stake in Cajamar parent for about €150M
The deal would lift Grupo Cajamar’s phased-in solvency ratio to 17.6%, and Generali is set to gain a board seat after closing.
Generali is set to acquire a 9.9% stake in Banco de Crédito Social Cooperativo, the parent company of Spain’s Grupo Cajamar, for approximately €150 million, according to Coverager.
The investment deepens a bancassurance relationship that began in 2004, and Generali will receive a seat on the bank’s board once the transaction closes, Coverager reported.
Grupo Cajamar said the stake purchase will strengthen its capital structure, raising its phased-in solvency ratio to 17.6%, while Cajamar group entities will retain more than 78% of the bank’s capital.
In remarks carried by Coverager, BCC-Grupo Cajamar CEO Manuel Yebra described the move as a natural step after more than 22 years of cooperation.