Spain: Banco Sabadell, Zurich expand insurance joint venture
Posted On: May. 21, 2014 12:00 AM CSTSpain-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.