Generali acquires 9.9% stake in Spain's Cajamar for 150 million euros

Italian insurer Generali has acquired a 9.9% stake in Grupo Social Cooperativo, the parent entity of Cajamar, Spain's tenth-largest bank. The transaction is valued at approximately 150 million euros and will be structured as a capital increase.

This move strengthens a long-standing bancassurance partnership between the two entities that dates back over 20 years. As part of the agreement, Generali will appoint a representative to the board of directors. The investment is expected to bolster the group's capital structure in the short term, raising its phased-in CET 1 solvency ratio to 17.6%.

Generali's entry follows a similar move by Crédit Agricole, which acquired a 9.9% stake in the bank a few months prior. Despite these international investments, the cooperative entities within the group maintain a majority ownership of over 78% of the capital.