Caja de Ahorros del Mediterráneo (CAM) and Aegon have signed a framework agreement for a partnership, which would establish one of the key players in the Spanish insurance market
CAM, one of the largest savings banks in Spain, will contribute its insurance subsidiary Mediterráneo Vida to the partnership, and provide exclusive access to its network of 849 offices, which are concentrated in the regions of Valencia, Murcia, Catalonia, the Balearic Islands, Andalusia and Madrid. In 2002 total life premiums of Mediterráneo Vida amounted to EUR 574 million.
Aegon, the holding company of one of the world’s largest listed life insurance groups, will contribute capital to the partnership as well as its expertise in product development, insurance operations and distribution.
The agreement is in line with CAM’s strategy to concentrate on its core business through organic growth, acquisitions and strategic alliances.
Aegon’s strategy to establish leadership positions in life insurance and pensions in its target core markets is reflected in the partnership agreement.
More information will be provided when final agreements are completed.
CAM, the third-largest savings bank in Spain in terms of profitability and the eighth largest financial group in the country, has a network of 849 offices, which are concentrated in the regions of Valencia, Murcia, Catalonia, the Balearic Islands, Madrid and Andalusia. CAM´s core business is retail banking, which represents 80% of the group´s total assets.