Uria Menendez advises Unicaja Banco

Uria Menendez advised Unicaja Banco on the reorganisation of its bancassurance alliances following its merger with Liberbank.

The transaction involved (i) Unicaja Banco’s acquisition of a 50% stake in the insurance companies CCM Vida y Pensiones de Seguros y Reaseguros, S.A. and Liberbank Vida y Pensiones, Seguros y Reaseguros, S.A. from Mapfre Vida and Aegon España, respectively; and (ii) Unicaja Banco’s subsequent sale of a 50% stake in those insurance companies to Santa Lucia and the extension of the bancassurance alliance between Unicaja Banco and Santa Lucía in connection with life insurance, accidents and pension plans.

Deal value: The total consideration received by Unicaja Banco from Santa Lucía includes a fixed amount of EUR 318 million paid on 2 November 2022 (subject to specific post-closing adjustments) and a variable amount of up to EUR 40 million (subject to the fulfilment of specific business targets in the next 10 years).

Team: Guillermo San Pedro (partner, M&A-Private Equity, Madrid), Tomás Arranz (partner, Anti-trust, Madrid), Jaime del Fraile (counsel, M&A-Private Equity, Madrid), Carmen Santo (associate, M&A-Private Equity, Madrid) and Ignacio Díaz de Rábago (junior associate, M&A-Private Equity, Madrid).