Banc Sabadell pays AEGON €450 million for 50% of the insurance company Mediterraneo Vida

Barcelona (ACN).- The Catalan financial entity Banc Sabadell announced on Friday it has reached an agreement with the Dutch insurance company AEGON to buy 50% of the shares of Mediterráneo Vida, S.A. de Seguros y Reaseguros, the joint venture originally established with Caja de Ahorros del Mediterráneo (CAM). Banc Sabadell bought CAM in December 2011, after a nationalisation and restructuring process. The operation is on the condition that they receive the green light from the regulatory authorities at a domestic and European level. The transaction will allow Banc Sabadell to own 100% of Mediterráneo Vida, S.A. The cost of the shares bought is €449.5 million.

With the operation, the Catalan bank will move forward in the organisation of its insurance subsidiaries and affiliates, which have been acquired as part of the purchasing operations undertaken by Banc Sabadell in the last few months. The Catalan bank managers believe the operation with AEGON and the consequent restructuring of its insurance business will place them in a much better position in this market.