MILAN: Italy’s largest insurer, Generali, said Friday it has agreed to buy a 9.9% stake in Spain’s Banco de Crédito Cooperativo for 150 million euros.

Banco de Crédito Cooperativo is the holding company of Grupo Cooperativo Cajamar, Generali’s bancassurance partner of 22 years.

Generali Spain will carry out the purchase as part of its investment portfolio. The company said the deal will have no material effect on the group’s solvency level.

The transaction is expected to close in the second half of 2027, pending regulatory approvals.

In a statement, Generali said the investment strengthens the strategic alignment between the insurer and Grupo Cooperativo Cajamar and reinforces its position as a leading insurance partner in Spain.

“We look forward to expanding this relationship in the years ahead to the benefit of our customers,” said Giulio Terzariol, Generali’s group deputy CEO.