Spanish financial services company CaixaBank is set to acquire an 8.4% stake of Banco BPI from Allianz Group for €178m ($210.5m).

Following this acquisition, CaixaBank will own 92.935% stake in Banco BPI.

Subsequently, CaixaBank is expected to request the BPI General Assembly chairman in the upcoming weeks to approve the de-listing of Banco BPI under the Portuguese Securities Code.

If the de-listing of Banco BPI is approved on the general shareholders meeting as well as the CMVM, CaixaBank will place an offer to acquire all shares of the company to raise its stake to 100%.

The total cash consideration to be paid to purchase the remaining shares of Banco BPI (from 92.935% to 100%) will be €149.25m.

In another development, CaixaBank and Allianz have agreed to submit a proposal to reorganise the insurance business alliance in Portugal to the governing bodies of Banco BPI and Allianz Portugal.

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The reorganisation is expected to bolster Banco BPI and Allianz Portugal long-term business relationship to distribute non-life insurance products for the next ten years.

However, BPI will continue to distribute all life insurance products from Allianz Portugal to the end of next year.

From 2020, it will start distributing life insurance products from BPI Vida e Pensões.