French insurance group Crédit Agricole Assurances SA agreed to buy Seguradoras Unidas SA's 25% stake in GNB Seguros, subject to approval from Portuguese authorities.

The deal will see Crédit Agricole Assurances' stake in GNB Seguros increase to 75% from 50%, with Portugal-based Novo Banco SA retaining the remaining 25%.

Crédit Agricole Assurances said in the Oct. 16 joint statement that it is following a strategy of forming partnerships with banking groups. In July, it partnered in the life sector with Italian bank Credito Valtellinese SpA.

Crédit Agricole Corporate & Investment Bank is the sole financial adviser to Crédit Agricole Assurances on the deal.

Apollo Global Management LLC is the ultimate parent of Seguradoras Unidas. Crédit Agricole Assurances is the insurance business of Crédit Agricole Group and Crédit Agricole SA.