(Lisbon and London) – Global Bankers Insurance Group, LLC (“Global Bankers”) and Novo Banco SA (“Novo Banco”) announce their intent to partner in a 20-year life bancassurance agreement in Portugal. As part of the transaction, Global Bankers will acquire via one of its European affiliates the entire share capital of GNB Vida, the wholly-owned life subsidiary of Novo Banco Group. Headquartered in Lisbon, GNB Vida offers protection, savings and retirement products distributed through Novo Banco in Portugal and reported EUR5.3bn in total assets as of December 2017.
Matteo Castelvetri, Managing Director of Europe for Global Bankers, said the transaction underscores Global Bankers’ entry in the Portuguese market through one of the largest bancassurance networks. “We are excited to partner with Novo Banco in a 20-year relationship,” he said. “We believe that the combination of Novo Banco’s strong franchise and market position together with our focus on new products and solutions will bring benefits to Novo Banco’s 1.3 million customers. This acquisition and partnership agreement further enhances the growth profile of Global Bankers in Europe.”
António Ramalho, Chief Executive Officer for Novo Banco, underscored the diligence untaken in the selection of a transaction partner. “The selection of Global Bankers to acquire our Life Insurance operation and as our partner in the distribution of financial insurance products was made through an open and transparent competitive process,” Mr. Ramalho said. “With Global Bankers we ensure an increase of our insurance capacity and take a decisive step forward in the redesign of the offer to our clients.”
The transaction is subject to customary regulatory approval and is expected to close by Q1 2019.
Global Bankers Insurance Group, LLC is an international family of insurance and reinsurance companies, focused on life insurance and annuities. Global Bankers’ portfolio of insurance companies includes, amongst others, GB Life Luxembourg in Europe and Colorado Bankers Life Insurance Company in the United States. Global Bankers also has operations in the United Kingdom, the Netherlands and Bermuda and is headquartered in Durham, North Carolina. Global Bankers is a division of Eli Global, LLC. For further information, please visit www.globalbankers.com.
Headquartered in Lisbon, Novo Banco is the 4th largest Portuguese bank with EUR51.5bn of assets. The bank operates through a network of 407 branches in Portugal and internationally. Novo Banco develops its business activities for the corporate and retail segments focused in the Portuguese market but not neglecting its Iberian nature. For more information, visit www.novobanco.pt.