Mutua Madrid and english court has closed its strategic alliance this Tuesday after obtaining all relevant authorizations for the sale of the distribution firm’s insurance business, comprising 50.01% each of the two companies carrying out the said activity: SECI and CESS, and Accessed by the insurer in the shareholding of the Spanish firm, as stated in a statement.
Notably, the operation, which was agreed and announced last October, has been signed after obtaining necessary administrative authorization from both General Directorate of Insurance and Pension Fund (DGSFP) and National Market and Competition Commission (CNMC).
As such, both entities plan to set up a securities agency that will market investment funds and pension plans in the coming weeks. mutually activeas well as a wealth advisory service for third parties and clients of these financial products to improve and enhance their offering. english court,
Thus, the new society, of which mutual group It will have 50.01% and El Corte Inglés will have 49.99%, it will start operating in the first quarter of 2023.
At the same time, 550 million euros have been paid for the insurance business and 555 million euros for an 8% stake in the capital. english court,
Thus, the chairmanship of the company Martha Alvarez The distribution will allocate 1,105 million euros of this operation to pay off the firm’s debt.
With regard to corporate governance, Ignacio Garalda, President and CEO of Mutua Group, joins the Board of Directors of El Corte Inglis, while General Manager of Mutua Group and Executive Chairman of Segurcaixa Adeslas, Xavier MiraWill chair SECI and CESS.
for its part, Jaime Aguirre de CarceroWho has till now held the post of Deputy General Manager, Insurance Sector of Mutua Madrilena, will become the Director General-General Manager of both these companies.
El Corte Inglés and MMA will form a company to sell investment funds