Axa invertira 4,000 millones en Espana

Article Abstract:

Over the next few years the Axa insurance group plans to invest Pta 4,000mn in Spain, of which Pta 2,400mn will be for corporate promotion and costs of the merger with UAP. Some Pta 1,600mn will be spent on computer unification. By year end 1998 the merger between Axa and UAP is expected to be finalised, under the name Axa Seguros which will be comprised of Axa Aurora Vida for life insurance and Axa Aurora Iberica for non-life activity. Axa is predicting a 2% drop in auto insurance in 1998, non-life and life policies are expected to rise 10%. Premiums are expected to reach between Pta 165,000mn and Pta 168,000mn in 1998, compared to 1997 premiums of Pta 165,517mn.

Comment:

Plans to invest Ptas4,000 mil, of which Pta2,400 mil will be for corporate promotion

Strategy & planning, Axa

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Euromutua y Mesai firman su fusion que sseraoperativa el proximo ano

Article Abstract:

Spanish mutual insurance companies Euromutua and Mesai have signed a merger agreement which is to be approved in June, 1998, with plans for the merger to go into effect on January 1, 1999. The new companies will have assets of Pta 25,000mn, and Pta 15,000mn in premiums, as well as 370,000 mutualists and resources of Pta 5,000mn. Mesai will focus on small retailers and small businesses in the multi-risk area and will keep its own commercial identity, although the name of the new company after the merger will be Euromutua. Euromutua is based in Zaragoza and reported Pta 7,113mn in premiums, while Mesai Mutua reported premiums in 1997 of Pta 7,350mn.

Comment:

Signs merger agreement w/ mutual insurer Euromutua to approved in 6/98 & to be effective 1/1/99

Acquisitions & mergers, Euromutua, Mesai

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Argentaria y los sindicatos firman el preacuerdo para el convenio de fusion

Article Abstract:

The Spanish banking group Argentaria and the trade unions from the banks Banco Hipotecario, and Banco Exterior de Espana, and the savings bank Caja Postal, have signed a draft agreement previous to the merger to be carried out in the next months. The agreement will guarantee the employments until the year 2001. The 12,000 people staff will be subjected to the general wages agreement of the private banking sector, will have a yearly extra payment of Pta 45,000 for the retirement pension, and a life insurance amounting to Pta 4mn.

Comment:

Signs draft agreement w/ trade unions from Banco Hipotecario, Banco Exterior Espana & Caja Postal previous to merger

Commercial Banks, Commercial Banking, Personnel administration, Argentaria Corporacion Bancaria de Espana S.A.

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