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Article: Fortis, La Caixa planning a joint venture. (Caja de Pensiones Para La Vejez y de Ahorres) (Brief Article)
- Article from:
- American Banker
- Article date:
- September 28, 1992
CopyrightCOPYRIGHT 1992 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AMSTERDAM - In the latest European move toward banking-insurance integration, the Dutch-Belgian financial services group Fortis has signed a definitive agreement for an insurance joint venture in Spain with that country's largest savings bank, La Caixa.
Fortis, the holding company for the Dutch insurance and banking group Amev NV and Belgian insurer Groupe AG, said the new joint venture will control 80% of La Caixa's VidaCaixa's life insurance unit and its SegurCaixa nonlife unit.
La Caixa, formally Caja de Ahorros y Pensiones de Barcelona, with $62 billion in assets, will hold a direct 20% stake in VidaCaixa, while ...