Generali invests €150 million in Cajamar parent

Generali is acquiring a 9.9% stake in Banco de Crédito Social Cooperativo, the parent company of Spain’s Grupo Cajamar, for approximately €150 million.

The investment deepens a bancassurance relationship dating to 2004. Generali will receive a seat on the bank’s board once the transaction closes.

Grupo Cajamar said the investment will strengthen its capital structure, lifting its phased-in solvency ratio to 17.6%. Cajamar Group entities will retain more than 78% of the bank’s capital.

“Generali’s acquisition of a stake in our bank is a natural step after a positive relationship of more than 22 years,” said Manuel Yebra, CEO of BCC-Grupo Cajamar.

Grupo Cajamar is Spain’s largest cooperative banking group and ranks among the country’s top 10 banking institutions by assets.