Mapfre to sell its stake in the capital of Bankia Vida

Mapfre is selling its 51% stake in the capital of Bankia Vida, the life insurance subsidiary of Spanish banking conglomerate Bankia, to CaixaBank.

The transaction is valued at 324 million EUR (366.684 million USD). CaixaBank will also pay the Spanish insurer an additional 247 million EUR (279.54 million USD) for the termination of a non-life insurance distribution contract.

The combined amount of the transaction represents 110% of the ceded premiums. Mapfre has opened an arbitration procedure to ask Caixabank to pay 120% of the portfolio value.