Lunes, 8 de Septiembre de 2008, 5:28hs
Fuente: Reuters

MERCADOS - Bolsa

Caixa Catalunya sees insurance arm bids this week

MADRID, Sept 8 . - Spanish savings bank Caixa Catalunya said on Monday it expects to receive offers for a 50 percent stake in its insurance arm Ascat Vida this week.

"The deadline for lodging non-binding offers is this week," a spokesman for the savings bank said.

In May, Caixa Catalunya hired Morgan Stanley to look for a strategic partner to jointly develop its insurance business.

Spanish insurance giant Mapfre and savings bank Caja Madrid embarked on a similar course for their insurance operations in 2000.

Both Santander and Barclays are also looking for partners for their insurance business.

Last year, Ascat Vida reported net profit of 57.9 million euros, on life insurance revenues of 55.5 million and 1.54 billion euros in pension plans under management.

Italian media have tipped Italian insurer Generali as a possible bidder for Ascat. (Reporting by Robert Hetz; Writing by Judy MacInnes; Editing by Quentin Bryar)