Paris, 3 March 2010
After obtaining customary regulatory approvals, CNP Assurances had finalised on 3 March 2010 the transaction with Rentipar Seguros SGPS for the sale of its stakes of 83.52% et 83.57% respectively in Global - Companhia de Seguros, S.A. and Global Vida - Companhia de Seguros de Vida, S.A. (together, Global Seguros), for a total final consideration of 114.6 million euros, valuing both companies at 137.2 million euros for 100% of share capital. This operation will enable CNP Assurances to book a net capital gain of approximately 30 million euros.
Rentipar Seguros SGPS is a company controlled by Mr. Horácio da Silva Roque, founder and majority shareholder of Banif group, which in particular holds the Portuguese insurance company Açoreana Seguros.
Following the recent partnerships signed with Barclays Bank Plc in Spain, Portugal and Italy and with Marfin Popular Bank in Greece and Cyprus, this transaction completes the refocusing of CNP Assurances in Southern Europe on its bancassurance core business.
With a business model close to Global Seguros' - in particular a distribution network of agents -, Açoreana Seguros is a well-known non-life insurance player in Portugal. CNP Assurances is therefore confident in the future development of Global Seguros within a group with strong growth perspectives.