PLMJ advises Crédit Agricole on the acquisition of GNB
PLMJ has advised Crédit Agricole Assurances on the acquisition of GNB Seguros
PLMJ advised Crédit Agricole Assurances, an entity of the French group Crédit Agricole, on the acquisition of 25% of the insurance company GNB Seguros from Novo Banco 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, which represents a strategic investment. This operation is essential for the insurance sector as it guarantees the presence of a major European insurer in Portugal.
PLMJ team was led by Banking and Finance, Capital Markets and Insurance partner Hugo Rosa Ferreira (pictured), and involved coordinating associate Nuno Luís Sapateiro, and trainee Pedro Roque Coelho, both from the same area.