French insurer CNP Assurances has agreed to sell its 50% interest in Spanish-based CNP Barclays Vida y Pensiones (CNP BVP) to Barclays Bank, for around €453m, including a special dividend.
CNP noted that the transaction should result in a capital gain of €200m in the fiscal year 2015 and its stake in CNP BVP will be accounted for as a non-current asset held for sale, as at 31 December 2014.
CNP Assurances CEO Frédéric Lavenir said: "Our CNP BVP subsidiary has enjoyed vigorous growth, primarily in the savings and pensions segments, and we’ve obtained a very good price for our stake.
"We remain committed to expanding in Southern Europe, particularly in the personal risk/protection segments, through our Spanish subsidiary CNP Partners."
Subject to approval by the relevant anti-trust authorities and the Spanish insurance supervisor, the transaction is expected to be completed before the end of the first half of 2015.
CNP Assurances designs and manages life insurance, pension, personal risk insurance and protection products (term creditor insurance and health insurance).
The company carries out operations in European countries and Latin America, and has 27 million personal risk/protection insureds across the globe, as well as 14 million savings and pensions policyholders.
CNP distributes its individual insurance products through La Banque Postale and the Caisses d’Epargn in France, and also through its own CNP Trésor network. It also distributes the products in Brazil, along with its partner Caixa Econômica Federal.
Image: CNP Assurances to sell its 50% interest in CNP Barclays Vida y Pensiones to Barclays Bank. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.