May 20, 2014 / 4:22 PM / 4 years ago

Spain's Sabadell expands insurance jv with Zurich

MADRID, May 20 (Reuters) - Spain’s Banco Sabadell said on Tuesday it had expanded an insurance joint venture with Zurich in a deal valued at an initial 214 million euros ($293 million), half of which the Swiss company would contribute in cash.

The joint venture includes new insurance assets inherited by Sabadell during the acquisition of smaller banks in recent years.

As part of the agreement, Zurich recovers its status as the sole provider of insurance and pension plans for all of Sabadell’s branches, the bank said in a regulatory filing.($1 = 0.7302 Euros) (Reporting by Tracy Rucinski; editing by Sarah Morris)

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