Through this operation, subject to receiving the corresponding regulatory authorisations, Liberty acquires from Bankinter 50.01% of the company, already created and registered previously by the financial institution, with the bank holding the remaining 49.99%.
With this agreement, signed by the CEO of Bankinter, María Dolores Dancausa, and the CEO of Liberty Seguros, Juan Miguel Estallo, both entities undertake to work together in the field of bancassurance in the long term.
The products will be designed and developed with the expertise of Liberty Seguros and will be distributed exclusively through all Bankinter’s commercial networks, both face-to-face and remote, in Spain and Portugal, including EVO Banco, the Bankinter Group’s 100% digital entity.
The agreement, subject to the corresponding approval by the regulator, highlights Liberty’s high technological capabilities, its modular product strategy and its speed of adaptation, which, combined with Bankinter’s capacity for innovation and adaptation to the needs of consumers, will enable both companies to occupy a leading position in the market.
Uría Menéndez legally advised Bankinter with a team led by Corporate and M&A partner Guillermo San Pedro, M&A and Insurance and Reinsurance counsel Jaime del Fraile and Tax counsel Violeta Pina (pictured left), while Cuatrecasas counselled Liberty Seguros.
Deloitte Financial Advisory guided (financially) Bankinter with a team led by partner Jose Manuel Lasa García, that included Teresa Suárez, Juan Zurita, Diego López-tello and Alvaro Martin.
Cuatrecasas advised Liberty Seguros with a team made up of Financial Services & Insurance partner Fernando Mínguez, Financial Taxation partner Rebeca Rodríguez, Corpoate/M&A and Private Equity senior associate Álvaro López Ceballos, and lawyers José Ignacio López de Haro, Sergio Ochagavía y Enrique Muñoz.