Crédit Agricole Assurances, an entity of the French group Crédit Agricole has reached an agreement with Portuguese bank Novo Banco to buy 25% of the capital it did not yet control in the insurance company GNB Seguros.
This transaction also includes a 22-year non-life insurance distribution agreement between Novo Banco and GNB Seguros for the distribution of GNB Seguros policies in Portugal. The amount of the operation has not been disclosed.
“With this acquisition and the distribution agreement with the Novo Banco network, Crédit Agricole Assurances consolidates its position on the Portuguese market, while strengthening our international bancassurance model”, said Philippe Dumont, chief executive officer of Crédit Agricole Assurances.
A team from PLMJ led by partner Hugo Rosa Ferreira advised Crédit Agricole Assurances on this transaction.
GNB Seguros specializes in the damage insurance sector in Portugal and works mainly with home, car and health insurance, although its product range also includes unemployment insurance and repatriation contracts in the event of accidents.