CGNU in £92m Spanish spend

By THIS IS MONEY
Updated:

 

GENERAL insurer CGNU is beefing up its partnership with Unicaja and laying out more than £92m, initially in loan notes, for a half-share in the Spanish savings bank's life insurance and pensions business.

The notes are redeemable between now and December 2006, and CGNU could pay more for its stake in this business, Unicorp Vida, if performance targets are met.

Unicaja is Spain's eighth largest savings bank, with 750 branches and two million customers. CGNU already has a similar deal with another Spanish savings bank, Bancaja.

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