The acquisition of Bankia Vida by Vida Caixa is part of the process of reorganising and integrating the insurance and reinsurance business of Bankia, S.A.and its subsidiaries, following the merger by absorption of Bankia by CaixaBank, S.A.
This is the step prior to the merger of the two companies, the formalities for which VidaCaixa has already begun, having requested authorisation for the merger from the Directorate General of Insurance on 12 May. The supervisor will have a period of six months, until November, to give the green light to the operation, which will take effect retroactively from 1 January.
After this operation, the bank’s insurance subsidiary will conclude the integration of the business linked to Bankia, which has been transferred to its balance sheet. In 2021 it integrated Bankia Pensiones, 100% controlled by the bank, but it has had to wait until 2022 to be able to do the same with Bankia Vida.
The merger of Bankia Vida through its absorption by VidaCaixa is a logical consequence of this reorganisation and integration process and aims to unify the insurance and reinsurance business in a single entity thus significantly reducing duplication, costs and administrative burdens. The Merger also aims to bring together the management capabilities of both companies as insurance and reinsurance companies and, in particular, to facilitate a more efficient allocation of human, technical and financial resources.
Uría Menéndez advised VidaCaixa with a Corporate team led by partner Guillermo San Pedro, together with senior associate Jaime del Fraile Sánchez, associate Carmen Santo Marhuenda and junior associate Ignacio Díaz de Rábago de Areilza.