Mapfre is disbursing 611 million USD for the sake of Caixa Catalunya Insurance

Mapfre, the Spanish insurer, has announced the payment of 446.8 million EUR (611 million USD) for the purchase of a 50% share in the insurance subsidiaries of the local deposit bank Caixa Catalunya. This acquisition is part of a joint venture between the two companies to develop insurance and pension products. Mapfre concluded similar deals with Caja Madrid, Bankinter, CCM and Caja Duero.