The Mutua Group and El Corte Inglés have completed the formalities of their alliance after obtaining all the relevant authorisations and Mutua will begin to sell its insurance and savings products exclusively through the department store’s various distribution channels.
Both companies have signed the final agreement for the purchase and sale of the insurance business of El Corte Inglés agreed last October, which includes 50.01% of each of the two companies that carry out this activity (SECI and CESS), and Mutua’s entry into the shareholding of El Corte Inglés.
SECI’s new Board of Directors will be made up of nine people, chaired by Mira, of whom four will be representatives of Mutua Madrileña, three of El Corte Inglés and two independent. For El Corte Inglés these directors will be Javier Rodríguez-Arias, Santiago Bau and José María Folache; while Gonzalo Ulloa, honorary chairman at Gómez-Acebo & Pombo, and Juan Zabía, managing partner of the law firm Zabía Abogados, will join as independent directors. In the case of CESS, the board of directors will be made up of six representatives, with its chairman (Mira) having the casting vote.
Gonzalo Ulloa is honorary chairman of Gómez-Acebo & Pombo. He was previously chairman, managing partner and head of Intellectual Property. He specialises in intellectual property and technology, mainly in the pharmaceutical and health sectors.
Juan Zabía de la Mata, a State Lawyer on leave of absence, has worked at the General Directorate of Insurance and Pensions Funds, and in Banco Urquijo as secretary-general. He is specialised in Insurance and Data Protection Law and is managing partner of Zabía Abogados.