Crédit Agricole: acquires 100% of GNB Seguros
(CercleFinance.com) - Crédit Agricole Assurances announces a deal with Novo Banco with a view to acquiring 25% of GNB Seguros, a non-life insurance company in Portugal, bringing its stake up to 100% of GNB Seguro's capital.
This transaction also includes a non-life insurance distribution agreement for 22 years between Novo Banco and GNB Seguros for the distribution of GNB Seguros policies in Portugal.
GNB Seguros is one of the top 5 bancassurance operators in Portugal and it reported more than 78 million euros in written premiums at the end of 2019. Its main product lines are home, car and health insurance.
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