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Banco de Sabadell completes reorganisation of its insurance business and strengthens alliance with Zurich; creates BanSabadell Mediacion

Monday, 19 May 2014 08:00pm EDT 

Banco de Sabadell SA:Reaches agreement with Zurich once again becoming bank sole partner in sale of life assurance, general insurance and pension plans in Spain.Under terms of agreement all companies in Banco Sabadell-Zurich joint venture have once again become sole suppliers of life assurance, general insurance and pension plans for the entire branch network of Banco Sabadell in Spain.Companies in Banco Sabadell-Zurich joint venture include BanSabadell Vida, BanSabadell Seguros Generales and BanSabadell Pensiones.Banco Sabadell has completed reorganisation of its insurance business, incorporating insurance business and firms inherited in bank consolidation process entailed in its acquisition of Banco CAM, BMN business in Catalonia and Aragon (Caixa Penedes), Lloyds Bank Espana and Banco Gallego.This new agreement extends and consolidates 50 percent joint venture set up by both companies in 2008.Banco Sabadell has created company BanSabadell Mediacion which, as associated partner, will act as broker for all its insurance business in Spain.Mediterraneo Vida, Banco Sabadell 100 percent life assurance company, will continue to manage its own portfolios up to maturity. 

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