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Sabadell sells Zurich 50 pct insurance, pensions

MADRID
Fri Sep 19, 2008 8:01am EDT

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MADRID (Reuters) - Spanish bank Sabadell (SABE.MC) said on Friday that it had formalised the contract to sell 50 percent of its insurance and pensions businesses to Zurich (ZURN.VX) for 750 million euros ($1.09 billion).

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In a statement, Sabadell said the sale agreement also states that the Barcelona-based bank will obtain an additional 150 million euros over the next 10 years, depending on the performance of the businesses acquired by Zurich perform.

Net capital gains from the deal will be around 512 million euros, Sabadell said.

(Reporting by Judy MacInnes; editing by Sarah Morris)
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