CaixaBank acquires 8.4% stake in Banco BPI from Allianz Group and will propose the de-listing of BPI to raise its stake to 100%

Rises to 92.93% its stake in Banco BPI after this acquisition

• CaixaBank has agreed with Allianz to reorganize the insurance business partnership in Portugal, the aim of which is to maintain and strengthen cooperation for the distribution of non-life insurance. The new terms will be subject to approval by the governing bodies of Allianz Portugal and Banco BPI.

CaixaBank has agreed to acquire from Allianz Group shares representing 8.4% of the share capital of Banco BPI. The total purchase price for this acquisition is 178 million euros or 1.45 euros per Banco BPI share. As a result of this acquisition, CaixaBank shall own 92.935% of the share capital of Banco BPI.

It is the intention of CaixaBank to request in the coming weeks the Chairman of BPI General Assembly a meeting to approve the de-listing of Banco BPI pursuant to article 27.1.b) of the Portuguese Securities Code. In case the de-listing is approved by the general shareholders meeting and by the CMVM, CaixaBank shall offer to acquire all the shares not owned by it at the purchase price of 1.45 euros per share with the aim of reaching 100% participation.

The total cash disbursement for acquiring the remaining shares of Banco BPI (from 92.935% to 100%) at 1.45 per share is 149.25 million euros. The price of 1.45 euros per share represents a premium of 22.67% over the latest trading day and a premium of 22.16% over the volume weighted average price of the last six months.

Separately, CaixaBank and Allianz have agreed to submit to the governing bodies of Banco BPI and Allianz Portugal, respectively, the reorganization of the insurance business alliance in Portugal with the view to strengthening and deepening Banco BPI and Allianz Portugal long-term business relationship with respect to the distribution of non-life insurance products for the next ten years. With respect to life insurance products from Allianz Portugal, BPI would continue to distribute them until the end of 2019. As of 2020, it is expected that BPI shall start distributing life insurance products from BPI Vida e Pensões. In any case, the life insurance contracts subscribed by BPI customers with Allianz Portugal will continue in force on their own terms. Banco BPI shall continue to owning a stake of 35% in Allianz Portugal.

About CaixaBank

CaixaBank is leader in retail banking in Spain. It is now the main bank for 26.7% of customers and ranks first in salary deposits (market share of 26.3%), investment funds (16.7%), pension plans (23.6%) and savings insurance (26.8%). The bank has around 16 million customers in Spain and Portugal (around 2 million), with 5,379 branches, the largest commercial network in the Iberian Peninsula. CaixaBank holds an 84.5% stake in the Portuguese bank Banco BPI, the fifth largest financial institution operating in Portugal in terms of assets, with market shares of 9.2% in loans and 10.7% in customer resources. CaixaBank also leads the way in online banking and mobile banking, with 56% digital clients and 4.9 million customers, respectively. It also fully owns VidaCaixa and CaixaBank Asset Management, leading insurance and management companies in Spain, respectively. CaixaBank’s approach to operating in the banking business is based on corporate values of quality, trust and social commitment. For this reason it is considered to be one of the world's most sustainable banks by the Dow Jones Sustainability Index and is included in the CDP 2017 A List, which recognises the leading companies in the fight against climate change.

About Allianz

The Allianz Group is one of the world's leading insurers and asset managers with more than 88 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing over 650 billion euros on behalf of its insurance customers while our asset managers Allianz Global Investors and PIMCO manage an additional 1.4 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2017, over 140,000 employees in more than 70 countries achieved total revenue of 126 billion euros and an operating profit of 11 billion euros for the group.