Background

  • BMN is a financial institution created in 2010 from the merger of four Savings Banks: Caja Murcia, Caixa Penedès, Sa Nostra and Caja Granada
  • In December 2010, it had a commercial network of 1,674 branches
  • Its operations are focused on retail banking in the Mediterranean coast (91% of the branches). In addition, BMN has a significant presence in Madrid

Process

  • DC Advisory (DC) advised BMN on the reorganization of its distribution agreements in General Insurance, establishing a new partnership with Caser as exclusive insurance partner across BMN’s branch network
  • BMN is the bank resulting from the merger of the following Savings Banks: Caja Murcia, Caixa Penedès, Sa Nostra and Caja Granada
  • DC advised BMN throughout the process, contacting potential bidders and assisting BMN in negotiating all key economic and contractual aspects of the transaction
  • The deal was structured through a single agency contract for the entire network of BMN and the disposal of Caixa Penedès Assegurances Generals (100%), the Non-Life Insurance subsidiary of Caixa Penedès
  • The price was structured as a payment disbursed at closing, and potential additional earn-out payments subject to performance
  • With this transaction, DC strengthens its leadership in the Spanish FIG / Insurance sector, having advised on the only two bancassurance reorganizations already completed after the recent concentration of Savings Banks

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