Caixabank gains 524 mln euros in reinsurance deal with Berkshire

MADRID Fri Nov 30, 2012 2:45am EST

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MADRID Nov 30 (Reuters) - Caixabank will book 524 million euros in capital gains after reaching a reinsurance agreement for the transfer of its life insurance portfolio to Warren Buffet's Berkshire Hathaway, the Spanish bank said on Friday.

Berkshire will pay VidaCaixa a fee of 600 millon euros for the deal, Caixabank said.

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