Generali has agreed to acquire a 9.9% stake in Banco de Crédito Cooperativo (BCC), the holding entity of Grupo Cooperativo Cajamar (GCC), for €150 million. The deal is expected to close in the second half of 2027, subject to regulatory approval.
The price implies a valuation of about €1.5 billion for BCC, the parent company of one of Spain's largest cooperative banking groups. Cajamar distributes Generali products through more than 1,000 branches to approximately 3.5 million customers. The equity stake turns what has been a contractual bancassurance arrangement into a balance sheet commitment.
Generali and Cajamar established two joint ventures when the relationship began. Cajamar Vida covers life insurance and pensions, while Cajamar Seguros Generales covers property and casualty. Both have operated exclusively through Cajamar's branch network since they were set up. Cajamar Vida also ranked among the top five life insurers in Spain as of early 2026, according to BCC investor documents.
Giulio Terzariol, group deputy chief executive of Generali, said the deal showed the group's confidence in the long-term potential of the partnership. He added that Spain remains a priority European market for the group.
The BCC investment follows a pattern Generali has applied elsewhere in southern Europe. Its €2.3 billion acquisition of Liberty Seguros in 2024, the group's largest deal in a decade, consolidated its position in Spain and Portugal and expanded its distribution across broker, agent and bancassurance channels. The BCC transaction is smaller but follows the same logic: using equity to anchor a preferred distribution relationship in a market where Generali already has scale.
Generali said the BCC deal fits within its Lifetime Partner 27: Driving Excellence strategic plan, which runs through 2027 and targets annual earnings per share growth of between 8% and 10%. The transaction will be carried out within Generali Spain's investment portfolio and will have no material impact on group solvency.
For the wider European market, the deal shows how one of the continent's largest insurers is choosing to lock in distribution. Rather than relying on contracts that can be renegotiated or lost, Generali is taking equity in the partners that bring it customers. With bank partnerships remaining central to life and savings distribution across southern Europe, other insurers with long-standing bancassurance arrangements may face pressure to do the same.
