The Zurich Financial Services Group has announced the completion of the acquisition of a 50% stake in the insurance operations of Banco Sabadell, and the establishment of a long-term strategic distribution partnership with the bank.
Jochen Schwarz, Zurich’s head of bancassurance, has been appointed as the new chairman and Silvia Avila, former bancassurance deputy CEO in Banco Sabadell, as the new CEO of the jointly owned companies.
Mario Greco, CEO of global life insurance at Zurich, said: This partnership further increases our market share in Spain to the number two player, and aligns with our global life strategy as announced in late May 2008. We are focusing and working on the integration and should see positive benefits for all in the near future.