Generali to buy 9.9% of Spain's Banco de Crédito Cooperativo for €150 million

MILAN, Oct 2 (Reuters) - Italy's top insurer Generali said on Friday it had agreed to buy a 9.9% stake in Spain's Banco de Crédito Cooperativo for a total consideration of €150 million. 

• Banco de Crédito Cooperativo is the holding entity of Generali's 22-year bancassurance partner Grupo Cooperativo Cajamar (GCC)

• The deal will be carried out by Generali Spain within its investment portfolio and will have no material impact on the Generali’s solvency level

• It is expected to close in the second half of 2027, subject to all required regulatory approvals

• The investment further strengthens the strategic alignment between Generali and GCC and reinforces Generali's position as a leading insurance partner in Spain, the Italian insurer said in a statement

• "We look forward to expanding this relationship in the years ahead to the benefit of our customers,” Generali's Group Deputy CEO Giulio Terzariol said

(Reporting by Gianluca Semeraro, editing by Alvise Armellini)