Generali agreed to acquire about 9.9% of Spain’s Banco de Crédito Cooperativo for €150 million. The investment will be made through Generali Spain and is expected to close in the second half of 2027, subject to regulatory approvals. Generali said the transaction would not have a material effect on its solvency ratio.
Banco de Crédito Cooperativo is the holding entity of Grupo Cooperativo Cajamar, one of Spain’s leading cooperative banking groups. Generali has worked with the group through a bancassurance partnership for more than 20 years. The Italian insurer described the stake purchase as an extension of that commercial relationship rather than a change of control.
A STRATEGIC MINORITY INVESTMENT
The acquisition gives Generali a direct financial interest in a distribution partner that serves customers through Cajamar’s banking network. Generali said the investment supported its strategy of expanding in core European markets where it already has scale and established customer franchises.
Independent reporting in Spain said Generali would gain board representation once the transaction completes. Spanish reports also placed the deal alongside Crédit Agricole’s earlier purchase of a similar minority stake, signalling a broader opening of the cooperative group’s capital to strategic partners.
APPROVALS SET THE TIMETABLE
The disclosed price values the 9.9% holding at €150 million, while leaving Banco de Crédito Cooperativo under the control of its existing cooperative shareholders. Generali framed the transaction as a way to align the two groups more closely and protect its position as a leading insurance partner in Spain.
The next milestone will be the regulatory review required before the planned second-half 2027 completion. Until those approvals are obtained, the transaction remains an agreed minority investment and should not be treated as completed.