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MAPFRE to transfer stakes in life insurance, pensions units to Banco CEISS

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MAPFRE to transfer stakes in life insurance, pensions units to Banco CEISS

MAPFRE SA will transfer its 50% stakes in Unión del Duero, Compañía de Seguros de Vida SA and Duero Pensiones Entidad Gestora de Fondos de Pensiones SA to Banco de Caja España de Inversiones, Salamanca y Soria SA.

The stakes, which MAPFRE owns through subsidiary MAPFRE Vida SA de Seguros y Reaseguros sobre la Vida Humana, will be transferred to Banco CEISS, or EspañaDuero, for a total consideration of approximately €141.7 million. Completion of the transaction is subject to regulatory and supervisory approvals.

Unicaja Banco SA holds a controlling stake in EspañaDuero.