Generali to buy 9.9% stake in Spain's Banco de Crédito Cooperativo for €150 million

Terms of the minority acquisition

Italian insurer Assicurazioni Generali agreed on 2 October 2026 to acquire a 9.9% stake in Spain's Banco de Crédito Cooperativo (BCC) for €150 million. The equity purchase will be executed through Generali España using its existing investment portfolio. BCC, also known as Banco de Crédito Social Cooperativo, operates as the head entity and operating vehicle for Grupo Cooperativo Cajamar. Grupo Cajamar ranks as Spain's largest cooperative banking group and stands among the country's ten largest financial institutions by total asset volume. Once the transaction completes, Generali will take one seat on BCC's board of directors.

Deepening the bancassurance alliance

The transaction broadens a long-standing bancassurance alliance between the Trieste-based insurer and Grupo Cooperativo Cajamar that originated in 2004. Over more than 22 years of commercial collaboration, the joint structure has enabled Generali to distribute insurance products across Cajamar's nationwide branch network. Generali stated that the agreement supports its strategic plan, Lifetime Partner 27: Driving Excellence, which targets accelerated growth across core European markets where the group maintains established distribution franchises. Generali described the commercial ties as having proven strategic importance for its Spanish business unit across several market segments.

Giulio Terzariol, deputy chief executive officer of Generali, cited customer value and growth throughout the relationship:

This investment reflects our confidence in the long-term potential of this partnership and our commitment to further strengthen our presence in Spain.

Balance sheet effects and ownership structure

The capital commitment reinforces the equity base of Grupo Cooperativo Cajamar while preserving cooperative control over the banking group. Cajamar reported that the capital injection will lift its phased-in solvency ratio to 17.6%, fulfilling internal regulatory capital targets. Generali confirmed that the €150 million consideration will not produce any material impact on its own group solvency ratio. After the minority stake transfer is executed, member entities belonging to Grupo Cajamar will retain majority ownership of BCC, keeping more than 78% of the institution's total equity capital.

Manuel Yebra, chief executive officer of BCC-Grupo Cajamar, characterized the transaction as an organic evolution of the partnership:

The entry of Generali into the capital of our bank is a natural movement after a good relationship of more than 22 years. Without doubt, the incorporation of international shareholders, such as Generali, will support our growth and expansion in the coming years.

Advisory mandates and regulatory approvals

Final closing of the equity purchase is scheduled for the second half of 2027, subject to customary regulatory authorizations from European and Spanish supervisors. Advisory teams were appointed on both sides of the transaction. Generali engaged Deloitte for financial advice and Garrigues for legal counsel. BCC and Grupo Cooperativo Cajamar retained Alantra as financial adviser and Cuatrecasas for legal advice, according to disclosures filed with the Comisión Nacional del Mercado de Valores. The agreement follows earlier exploratory negotiations between Cajamar and Portugal's Banco CTT concerning an acquisition, which concluded without a deal.