BBVA has ratified this Monday the sale of most of its insurance business to Allianz for "approximately 274 million euros", according to the relevant fact sent by the bank to the CNMV.
Specifically, both entities have created a 'joint venture' in which Allianz will control 50% plus one share, after obtaining the relevant authorizations.
"Additionally, as indicated in the relevant event dated April 27, 2020, Allianz could pay BBVA Seguros a variable price of up to 100 million euros depending on the achievement of certain business objectives and certain milestones foreseen in the integration plan agreed by the parties ", he recalls.
"It is estimated that the operation, without taking into account the aforementioned variable price, will entail a positive result net of taxes of approximately 300 million euros and a positive impact on the fully loaded CET1 of the BBVA Group of approximately 7 basis points," he added. BBVA, which states "these impacts will be reflected in the financial statements of the BBVA group at the close of fiscal year 2020."