Spanish Bank Plans To Spin Off Insurance Business

Law360, London (December 19, 2019, 3:52 PM GMT) -- Bankinter, Spain’s fifth biggest bank, said it will publicly list 82.6% of its insurance subsidiary next year to enable the company to focus on its core business.

The bank said Wednesday that the stake in subsidiary Línea Directa was worth €1.18 billion ($1.31 billion), which values the whole company at €1.43 billion. The bank will retain a minority shareholding of 17.4%.

Bankinter did not say through which of the four regional stock exchanges in Spain the initial public offering would take place. A spokesperson was not immediately available for comment.

The float comes despite a slowdown in initial public offerings in Spain and...

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