The transaction consisted in the transfer of legal title to 80% of shares in Millennium Financial Services from Bank Millennium to Towarzystwo Ubezpieczeń na Życie Europa, which acquired 72% of the company's shares and Towarzystwo Ubezpieczeń Europa, which acquired 8% of shares. There was also a transfer of funds for shares to the Bank.
- The agreement concluded with Europa Ubezpieczenia and completed with the transaction finalised today is part of the implementation of Bank Millennium's strategy for 2022-2024, which assumes, among others, the development of the bancassurance offer for retail clients. The new partnership will help the Bank achieve its business goals, strengthen its capital position and accelerate the development of its insurance offer for customers. As a result of the transaction, for the next 10 years, the Bank will offer selected insurance from Europa companies on an exclusive basis. According to the plan, the cooperation will be launched in the 3rd quarter of 2023 - said Joao Bras Jorge, Chairman of the Management Board of Bank Millennium.
- We are an insurer focused on partnerships, and in our strategy we assume clear shares in areas that are important to us in business. Bancassurance is one of the pillars of our strategy for the coming years. Extending the relationship with Bank Millennium into a strategic, long-term partnership creates a solid foundation for the success of these goals and further profitable growth of our business on the Polish market. This is also good news for the bank's clients - we intend to use the 10-year perspective of cooperation to further enrich the scope of life and property cover offered to them - said Artur Maliszewski, President of the Management Board of Europa Ubezpieczenia companies.
The concluded agreements do not require any action from Bank Millennium's clients.