Banco Estado
Date: Aug 2021
Client: Banco Estado
Counterparty: HDI Seguros
Industry: Financial Institutions
Amount: USD 47 million + future payments
Transaction:
Banco del Estado de Chile completed the signing of an exclusive non-life insurance bancassurance agreement with HDI Seguros Chile, the retail insurance unit of Talanx Group, Germany´s third largest insurer. The transaction involved an upfront payment of US$ 47 million plus future earn-out payments and commissions.
BancoEstado is the state-owned bank in Chile and the market leader by deposits, sales network and number of customers, with a distribution network that spans 91% of the Chilean population.
Talanx Group, present in Latin America under the HDI brand specialized in retail insurance is the third-largest German insurance group in terms of premiums and one of the largest in Europe with a market cap of EUR 9.7 billion. The Hannover-based company is active in over 150 countries and operates as a multi-brand provider and operates in the Chilean retail insurance market through HDI Seguros since 2008.
Aug 2021
Financial advisor to
on the signing of an exclusive long term bancassurance agreement for P&C with
USD 47 million + future payments
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