CNMC MMA . Approved the purchase of 50.01% of Seguros El Corte Inglés by

The President of Mutua Madrilea, Ignacio Garalda, has announced that National Markets and Competition Commission (CNMC) on Thursday informed the insurer about its “unconditional” acceptance of the purchase operation of 50.01% english court insurance,

In his speech before the general meeting of the shareholders of Mutua Madrileña, garalda He recalled that the operation was announced by both companies in late 2021 and was also approved by the General Directorate of Insurance last March.

“In the next few days, we will proceed for the definitive purchase of shares and we will reach out to the governing bodies. Administration and management”, said the chairman of the insurer.

It will be held in October 2021 at El Corte Inglés and . is an alliance signed between madrid mutual For the exclusive marketing of life and non-life insurance as well as the development of the investment fund business among the approximately 12 million customers with El Corte Inglés cards.

Agreement with Caxabank

Together with the acquisition by Mutua of 50.01% of the capital of its two insurance companies, this operation, amounting to €1,105 millionIncluding buying 8% of the capital of the head of the distribution group.

During his speech, Geralda also mentioned the extension of the banking insurance agreement he has with Mutua Madrilena. caxabank To include the old Bankia’s network from 2011 onwards. The value of this operation is 650 million euros, a payment made by SegurCaixa Adeslas, of which Mutua owns 50%, therefore costing the insurance group 325 million euros.

“accord with caxabank You english courtIn short, they will not only enable us to expand our distribution channels and reach a good number of new customers, but they will also help us continue a sustainable and profitable growth resulting in maintenance, expansion and improvement of our services. , by continuing our diversification strategy”, said Garalda. The total amount of both operations is 1,755 million euros.