Mediterranean Bank Network News


Banco Sabadell reaches an agreement to sell Mediterráneo Vida to a consortium of funds led by Ember

Wednesday, 22 June 2016


  • The closing of this sale is subject to regulatory authorisation.
  • Banco Sabadell will continue to manage its relationship with its customers via its branch network and distribution channels.

Banco Sabadell has reached an agreement to sell Mediterráneo Vida, a life (risk and savings) insurance subsidiary which was acquired as a result of banking integration processes, and which has managed a portfolio in run off since 2014. The portfolio holds a volume of customer funds for the amount of 1.9 billion euros.

The purchase agreement has been entered into with a consortium of funds led by Ember, although the closing of the sale is subject to regulatory authorisation.

Banco Sabadell will continue to manage its relationship with its customers and Bansabadell Mediación, Operador de Bancaseguros Vinculado del Grupo Banco Sabadell will continue to provide brokerage services.

The buying consortium has evaluated the expertise of the specialist team which manages the business, the quality of the portfolio and the technological platform of Mediterráneo Vida.

Banco Sabadell has evaluated the profile of the buying consortium as well as Ember’s profile, due to it being a long term fund which specialises in the acquisition of savings portfolios, sponsored by institutional financial investors.

 


Member banks
  • The Bank of Valletta Group is a leading financial services provider in Malta, providing retail banking, investment banking, private banking, fund management, bancassurance, stockbroking and trustee services.

  • Spain’s fourth largest private banking group, covering all areas of the financial business sector under a common denominator: professional performance and quality.

  • One of the leading banks in the Kingdom of Jordan. A bank that has distinctly adapted continuous development and improvement schemes in all of its activities.

  • BPCE Banques Populaires network has 8,500,000 clients and customers (including 3,900,000 members), more than 3,338 branches, and is part of the second largest French banking group – the BPCE Group.

  • With the largest network of banking, the Banque Populaire Group is the leading banking network in Morocco .By the end December 2012, its network was 1145 branches and over 1323 ATMs.