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Banco Sabadell has reached an agreement to sell Mediterráneo Vida, a life (risk and savings) insurance subsidiary which was acquired as a result of banking integration processes, and which has managed a portfolio in run off since 2014. The portfolio holds a volume of customer funds for the amount of 1.9 billion euros.
The purchase agreement has been entered into with a consortium of funds led by Ember, although the closing of the sale is subject to regulatory authorisation.
Banco Sabadell will continue to manage its relationship with its customers and Bansabadell Mediación, Operador de Bancaseguros Vinculado del Grupo Banco Sabadell will continue to provide brokerage services.
The buying consortium has evaluated the expertise of the specialist team which manages the business, the quality of the portfolio and the technological platform of Mediterráneo Vida.
Banco Sabadell has evaluated the profile of the buying consortium as well as Ember’s profile, due to it being a long term fund which specialises in the acquisition of savings portfolios, sponsored by institutional financial investors.
