PLMJ advised Crédit Agricole Assurances on the acquisition of GNB Seguros
PLMJ advised Crédit Agricole Assurances, a business of the French group Crédit Agricole, on the acquisition from Novo Banco of 25% of the insurance company GNB Seguros and on the conclusion of a non-life insurance distribution contract between GNB Seguros and Novo Banco for a period of 22 years.
On completion of the operation, Crédit Agricole Assurances now holds 100% of the share capital of GNB Seguros, thus strengthening its presence in the Portuguese insurance market. This represents a strategic investment for the French insurer.
This deal is important for the insurance sector as it guarantees the presence of a major European insurer in Portugal.
In 2018, PLMJ had also advised Crédit Agricole Assurances on the acquisition of 25% of the same insurer from Seguradoras Unidas.
The PLMJ team was led by Hugo Rosa Ferreira, a partner from the Banking and Finance, Capital Markets and Insurance practices. The other members of the team were managing associate Nuno Luís Sapateiro and trainee lawyer Pedro Roque Coelho, both from the Banking and Finance practice.