Zurich Financial Services Group has entered into a definitive agreement to sell back to Spanish savings bank Unnim its 50% stakes in the life and general insurance bancassurance companies jointly owned with Unnim.

Unnim will pay a cash consideration of $388m to Zurich in exchange for Zurich’s Unnim jointly owned companies stakes.

The agreement follows the merger of Caixa Sabadell together with Caixa Terrassa and Caixa Manlleu to form Caixa d’Estalvis Unio de Caixes de Manlleu, Sabadell i Terrassa or Unnim on July 1, 2010.

The completion of the transaction is subject to customary regulatory clearances and is expected in the first quarter of 2011.

Zurich has said that it will work along with Unnim on an orderly transition to ensure that customers of the Unnim Jointly Owned Companies not to be affected by the transaction.