Banco Financiero y de Ahorros (BFA) has sold its 10.36 percent stake in MAPFRE AM脡RICA for a consideration of 鈧� 244 million [$324 million] to Spanish insurer MAPFRE through the exercise of a put option agreed between the parties in 2005.
“The sale of the shareholding in MAPFRE AM脡RICA is aligned with BFA’s strategy to sell non-strategic assets,” said the announcement. “Likewise, MAPFRE will further progress in its international development in a region of significant importance to the Group.
“The sale of MAPFRE AM脡RICA’s shareholding improves the solvency of the BFA/Bankia Group, in line with the strategy announced by this entity to the market.”
The bulletin also explained that “MAPFRE AM脡RICA is the MAPFRE Group holding company that comprises its International Insurance business in Latin America, where it is present in 18 countries and is the leading Non-Life insurance company and second in the overall ranking.
“Corporaci贸n Financiera Caja de Madrid acquired this shareholding in 1998, which was incorporated into BFA as a result of the process for the integration of the assets and business of Caja Madrid and other six savings banks into BFA and Bankia.”
Source: MAPFRE Group
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