Novo Banco completes €168m sale of GNB Vida to GBIG Portugal

Eugenia Jiménez
clock • 2 min read

Portuguese bank Novo Banco has completed the sale of its life insurance business GNB Companhia de Seguros de Vida (GNB Vida) to Apax Partners' GBIG Portugal for €168m. As part of the agreement, Novo Banco will continue distributing GNB Vida's life insurance products in the Portuguese market for a period of 20 years. Novo Banco said in a statement sent to the Portuguese National Securities Market Commission (CMVM): "The sale price was set at an initial fixed price of €123m plus a variabl...

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Eugenia Jiménez
Author spotlight

Eugenia Jiménez

Eugenia Jiménez speaks Spanish and is Iberia Correspondent for Investment Europe covering Spain & Portugal, as well as Italy.