Caja Madrid will get €188 million from Spanish insurance company, Mapfre, from the dissolution of their cross-shareholding pact, Reuters reports. The Spanish lender, which has sold a 12.5% stake that it holds in its Mapfre International unit, still holds around a 15% Mapfre stake.
Mapfre seeks to swap the 49% stake it holds in its banking services joint venture with the Spanish lender for the 12.5% stake Caja Madrid holds in its Mapfre International unit and €188 million. The firms will continue to use each other’s branch networks for their banking and insurance alliance.
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