Zurich and Banco Sabadell expand joint venture

Banco Sabadell has expanded its joint venture with Zurich so that the multinational once again becomes the bank’s sole partner in the sale of life assurance, general insurance and pension plans in Spain.

The new agreement extends and consolidates the 50 percent joint venture set up by both companies in 2008.

Zurich will pay €107 million euros as an initial price, the transaction being valued at €214 million.

Banco Sabadell has created the company BanSabadell Mediación which, as an associated partner, will act as broker for all its insurance business in Spain.

For its part Mediterráneo Vida, Banco Sabadell’s 100 percent life assurance company, will continue to manage its own portfolios up to maturity.