CaixaBank has agreed to acquire a 8.4% stake of Banco BPI’s capital stock from the Allianz Group for a total amount of €178m.
The purchase, which corresponds to a price of €1.45 per share, raises the share capital that CaixaBank owns from Banco BPI to 92.935%.
The Spanish bank has also announced its plans to fully acquire Allianz’s shares in Banco BPI, a move to be requested in the coming weeks that needs to be approved by Banco BPI’s General shareholders’ meeting and by the Portuguese stock market regulator CMVM.
The total cash payment to acquire the remaining BPI shares – from the current 92.935% to 100% – at €1.45 per share amounts to €149.25m.
CaixaBank and Allianz have also agreed to propose Banco BPI and Allianz Portugal’s governing bodies the reorganisation of the insurance alliance in Portugal, aimed at further developing the commercial relationship between Banco BPI and Allianz Portugal in the non-life insurance policies’ distribution during the next ten years.
Following the reorganisation, Banco BPI would continue distributing Allianz Portugal’s life insurance until the end of 2019, while it would be expected to start distributing BPI Vida e Pensões life insurance from 2020 onwards.
In any case, the life insurance contracts subscribed by BPI customers with Allianz Portugal will continue in force on their own terms. BPI will continue to hold a 35% stake in Allianz Portugal.