The president of Mutua Madrileña, Ignacio Garralda, announced this Friday that the company yesterday received the green light from the National Commission for Markets and Competition (CNMC) for the alliance with El Corte Inglés and “in the next few days we will proceed to purchase of the shares and we will have access to the administration and management bodies”.

This was stated by Garralda during his speech at the meeting of mutualists that the company held this Friday. The president of Mutua referred to “important corporate operations completed in recent months” such as the alliance signed in October last year with El Corte Inglés for the exclusive marketing of life and non-life insurance, as well as for the development of the investment fund business, among the more than 12 million card customers of the department store group.

Mutua takes an 8% stake in the capital, from treasury stock, and acquires 50.01% of each of the two companies that carry out the insurance activity of El Corte Inglés: SECI (Life and Accident Insurance) and CESS ( insurance broker).

In this regard, he announced that the CNMC “has just given the green light to this operation” yesterday, after the General Directorate of Insurance also approved the operation last March, indicating that “in the In the next few days we will proceed to the definitive purchase of the shares and we will access the administration and management bodies”.

He also referred to the extension of the banking insurance agreement that Mutua Madrileña has had with CaixaBank since 2011 to the network of the former Bankia and that gives access, through SegurCaixa Adeslas, to the six million customers that come from the absorbed bank.

This operation together with that of El Corte Inglés have a combined amount of 1,755 million euros divided into 650 million for the extension of the agreement with CaixaBank, with a net cost for Mutua of 325 million -since it owns 50% of SegurCaixa Adeslas- , and 1,105 million corresponding to the alliance with El Corte Inglés.

“The agreements with CaixaBank and El Corte Inglés, in short, will not only allow us to significantly expand our distribution channels and be able to access a good number of new customers, but will also make it easier for us to continue having a sustainable and profitable development that will result in the maintenance, expansion and improvement of our services, by giving continuity to our diversification strategy”, highlighted Garralda.

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