Zurich Financial Services AG has purchased a 50 percent stake in the insurance business of Spain's Banco de Sabadell for a price tag of at least 750 million euros ($1.18 billion). Zurich said the transaction makes it the second largest insurance company in Spain.
The deal for a 50 percent share of the life insurance and pension activities at Spain's fourth largest bank came to a price of 650 million euros ($1.02 billion). It also purchased a share in Sabadell's general insurance for 100 million euros ($157 million).
Just a day earlier, Zurich removed itself (dailyinsurer.blogspot.com/2008/07/zurich-financial-decides-not-to-bid-on.html) from the bidding for the Royal Bank of Scotland's insurance business.
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