(May 19 – 16:35 ET)- National Bank of Canada has negotiated an agreement to take a 10% interest in Corp Group Life Chile Ltd, a company that is part of the Chilean financial network of Corp Group. National Bank will invest US$18 million for its 10% stake.
The associated companies will become one of the major players in Chile’s life insurance and annuity business with an 8% share of the market, a capitalization of US$94 million and total assets of US$900 million.
“This agreement is further evidence of the excellent business relationship that has existed for the last 15 years between National Bank, Corp Group and its Chairman, Mr. Alvaro Saieh,” said Andre Berard, chairman of the board and CEO of National Bank of Canada. “It represents another step towards achieving our goal of developing our business not just outside Quebec but outside Canada as well.”
-IE Staff