MetLife renews alliance with Banco del Estado de Chile

The renewal of the alliance implied the sale of 49.9% of BancoEstado Corredores de Seguros, owned by MetLife Chile, to Banco del Estado de Chile, for approximately $28 million.

“This is the longest-running bank assurance alliance of the Chilean insurance market, and is proof of the success of the alliance between MetLife Chile and BancoEstado that started back in 2004,” according to Chilean law firm Carey, which advised MetLife on the renewal of the alliance.

Carey’s team was led by partners Pablo Iacobelli, Matías Vergara and Patricia Silberman, with associates Jorge Soto, Jaime Coutts, Francisco León and Fernanda Gabor.

Chilean law firm Claro acted as counsel to BancoEstado, with a team led by partner Juan León, and who was assisted by associate Vicente Allende.