Crédit Agricole Assurances to buy out Novo Banco’s stake in GNB Seguros
Crédit Agricole Assurances, the insurance business of French banking giant Crédit Agricole, is acquiring the remaining 25% stake it previously did not own in GNB Seguros, a Portuguese non-life insurance company, from Novo Banco.
The financial terms of the deal were not disclosed.
The deal also includes a 22-year non-life insurance distribution agreement between Novo Banco, which is a Portuguese banking group, and GNB Seguros for the distribution of the latter’s policies in Portugal.
Established in 1996, the Lisbon-based GNB Seguros primarily provides home, auto and health insurance. Additionally, it provides unemployment (primarily credit linked), repatriation, and accident policies.
The Portuguese non-life insurance company had more than €78 million in premiums at the end of 2019. It is considered to be among the top five property and casualty bank insurers in Portugal.
GNB Seguros’ products are distributed mainly in Novo Banco’s retail network and, more recently via Credibom, which is the Portuguese entity of Crédit Agricole for consumer finance.
Philippe Dumont – CEO of Crédit Agricole Assurances said: “Our international development, and particularly in Portugal, is fully in line with our strategic ambitions in non-life insurance.
“With this acquisition and the distribution agreement with the Novo Banco network, Crédit Agricole Assurances consolidates its position on the Portuguese market, while strengthening our international bancassurance model.”