Draft movement between two of the most recognizable companies in the Spanish fabric.
Corte Inglés and Grupo Mutua
have reached an agreement this Thursday for the development of a great strategic alliance that includes the distribution of insurance through the signing of department stores and the entry of the insurer in its capital.
By virtue of the agreement, Grupo Mutua will acquire 50.01% of each of the two companies that carry out the insurance activity of El Corte Inglés, that is,
(Life and Accident Insurance) and
(Insurance Brokerage), for an amount of 550 million euros. It will thus become the exclusive provider of both life and non-life insurance, as well as investment funds for the distribution group. For its part, CESS will become a linked agency to sell only Mutua's products under the Seguros El Corte Inglés brand.
In addition, the Mutua Group joins El Corte Inglés' future project by acquiring an 8% stake in its capital, from treasury shares, for 555 million euros.
will be represented on the Board of Directors
of El Corte Inglés by its president and CEO,
The agreement provides for the maintenance of the Seguros El Corte Inglés brand, international projection and the creation of innovative and advanced products that adapt to customer needs.
Both groups also foresee the
maintenance of 100% of employment
The alliance will also allow combining the leadership of El Corte Inglés in distribution with that of Grupo Mutua in general insurance, and will provide both companies with a greater capacity for growth in the insurance business, as well as greater customer loyalty and loyalty.
Regarding the asset management activity,
exclusively distribute its portfolio of savings and investment products among El Corte Inglés' customer base through all the distribution group's commercial channels and networks.
The boards of directors of El Corte Inglés and Grupo Mutua have approved the operation this week, the closing of which is pending that
the pertinent administrative authorizations
, and they have highlighted the success represented by the agreement reached by two large national companies to develop the insurance and asset advisory activity. The entry of Mutua Madrileña into the capital of El Corte Inglés also reinforces the cooperation and bond between the two companies, which share values of excellence in service and customer experience.
El Corte Inglés currently has
more than 2,000 points of sale
with a presence in most of the national territory, in Portugal and in various international locations.
Its centers receive more than 700 million face-to-face visits a year and some 500 million visits through its online channels.
For its part, with this agreement, Grupo Mutua extends its distribution channels.
Thus, the insurer, which was a pioneer in the launch of the direct channel and which entered the banking-insurance channel 10 years ago with CaixaBank with the purchase of 50% of SegurCaixa Adeslas and its takeover, will be present from now on also in the
El Corte Inglés, which will allow access to a larger customer base.
As advisers to the operation,
Société Générale and Garrigues,
on behalf of Mutua, and
Goldman Sachs, Uría and KPMG
, the latter as co-adviser for insurance, on behalf of El Corte Inglés.
In addition, there has been additional intervention from
Bank of America and Deloitte
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