Crédit Agricole: raises stake in GNB Seguros' capital

(CercleFinance.com) - Crédit Agricole Assurances announces signing an agreement with Seguradoras Unidas for the purchase of 25% of GNB Seguros' capital.


Its stake will therefore increase from 50% to 75%, with the remaining 25% of its capital being held by the Portuguese banking group Novo Banco.
The transaction, which is subject to approval by Portuguese authorities, confirms Crédit Agricole Assurances' desire to continue to develop its non-life insurance activities in Portugal and to consolidate its partnership with Novo Banco.

GNB Seguros is the 13th largest non-life insurance company in Portugal and, at the end of 2017, had over 77 million euros in premiums written. Its main product lines are home insurance, car insurance and health insurance.



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