CaixaBank will pay Mapfre a total of 570.8 million for breaking the agreement they had on banking insurance. The pact, which will require resorting to a arbitration, foresees the disbursement of 323.7 million for 51% of Bankia Vida and another 247.1 million to finalize the agency contract agreement for the distribution of insurance outside of life insurance.
Both parties have agreed to submit to arbitration whether CaixaBank is obliged, in accordance with the aforementioned bancassurance agreements, to pay Mapfre an additional amount of 52 million euros, corresponding to 10% of life and non-life business values determined by the independent expert.
Sale to VidaCaixa
The formalization of these operations will not have a significant impact on the income statement of the group chaired by José Ignacio Goirigolzarri and of which Gonzalo Gortázar is CEO, this year 2021. The acquisition of 51% of Bankia Vida by CaixaBank will have an impact on CET1 capital of -7 basis points at the end of the financial year 2021. The sale of this percentage is planned in the first quarter of 2022 to VidaCaixa, 100% group company, and head of the insurance business.
The contribution of the 49% stake to CaixaBank’s consolidated accounts during the first nine months of financial year 2021 was 29 million euros in income from the equity method. The absorption of Bankia by CaixaBank took place on March 31, 2021 for accounting purposes.