Swiss insurer Zurich has emerged with a 3% participation in the capital of Banco Sabadell in the midst of a BBVA takeover bid to try to merge the Catalan entity.
This has been notified by the National Securities Market Commission (CNMV), where it is specified that the share package is 5.44 million voting rights.
The purchase was 163,549 voting rights for the insurera movement that occurred on October 22, but was notified last Friday. At that time, the Catalan entity was listed at market close at 1.86 euros each title.
Right now, Zurich is the fourth company with the most capital in Sabadell, behind BlackRock (6,637%), Dimensional Fund Advisors (3,758%) and the investor David Martínez (3,495%). Behind these four investors are UBS (2,674%), DWS (2,254%), Norges Bank (1,982%), Morgan Stanley (1,510%), Vanguard (1,338%), Goldam Sachs (1,016%) and Qube ( 1.008%).
Insurance alliance
Both companies maintain a close bond due to their alliance in the bancassurance channel. Here they make up two joint ventures: Bansabadell Vida and Bansabadell Seguros Generales: the first has its main operations in the life line and the second is more present in the non-life line. In addition, they also have another one for pensions.
Between both companies, together with Zurich, between January and September they issued premiums worth 1,407 million euros, 24.3% less than on the same dates of the previous year, when it had a turnover of 1,858 million euros thanks to the life business, which grew at a great rate due to the increase in rates.
This decline in the life insurance company, together with the advance of the BBVA subsidiary in insurance and the joint venture with Allianz has made the Basque entity has overtaken the Catalan one in the insurance business, earning 100 million more until the ninth month of the year, when at this point in 2023 the gap was negative for BBVA of 740 million euros.
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