Banco Bilbao Vizcaya Argentaria SA Agreement with Allianz (6165I)
December 14 2020 - 11:21AM
UK Regulatory
TIDMBVA
RNS Number : 6165I
Banco Bilbao Vizcaya Argentaria SA
14 December 2020
Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), in accordance with
the provisions of Securities Market Legislation, hereby
communicates the following:
INSIDE INFORMATION
Further to the relevant event published on April 27, 2020, you
are hereby informed that, on the date hereof, and after obtaining
the required authorizations, BBVA Seguros, S.A. de Seguros y
Reaseguros (BBVA Seguros") has transferred to Allianz, Compañía de
Seguros y Reaseguros, S.A. ("Allianz"), half plus one share in BBVA
Seguros Generales, Compañía de Seguros y Reaseguros, S.A. (1)
("BBVA Seguros Generales").
BBVA Seguros has received in respect of the sale of that
interest an aggregate sum amounting approximately to 274 million
euros. In addition, as reported in the relevant event dated April
27, 2020, Allianz shall pay to BBVA Seguros, if applicable, a
variable price of up to 100 million euros related to achieving
specific business goals and attaining certain milestones included
in the integration plan agreed by the parties.
Excluding the variable price, it is estimated that the
transaction will generate a profit net of taxes amounting to
approximately 300 million euros, and that the positive impact on
the fully loaded CET1 ratio of BBVA group will be approximately 7
basis points. These impacts will be reflected in the 2020 year-end
financial statements of the BBVA group.
Madrid, December 14, 2020.
(1) Under the agreement signed with Allianz, BBVA Seguros
Generales is the company to which BBVA Seguros previously
contributed all the assets and liabilities associated with the
non-life insurance business owned by BBVA Seguros, excluding the
health insurance line.
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END
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