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Spain: Banco Sabadell, Zurich expand insurance joint venture

May 21, 2014 - 6:00am


Spain-based Banco Sabadell S.A. and Zurich Insurance Co. Ltd. have expanded their insurance joint venture, Reuters reported.

Zurich will contribute €107 million ($146.6 million) in cash, with the transaction valued at an initial €214 million ($293.2 million).

The agreement involves Zurich becoming the lone provider of insurance and pension plans for all of Sabadell's branches.

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