Spanish bank ABANCA Corporación Bancaria has signed a bancassurance partnership with Crédit Agricole Assurances, the insurance business of French bank Credit Agricole.

Subject to certain conditions precedent, Crédit Agricole Assurances will become the insurance partner of ABANCA in the non-life insurance market in Spain and Portugal.

As part of the pact, Crédit Agricole Assurances will also buy 50% of the capital and voting rights of ABANCA Generales de Seguros y Reaseguros (ABANCA Generales).

The ABANCA group will continue to own the remaining 50% of the capital and voting rights of ABANCA Generales.

ABANCA Generales will sell non-life insurance products in Spain and Portugal through the ABANCA network, and via digital channels on the Spanish and Portuguese market.

Crédit Agricole Assurances in a statement said: “The company will benefit from a long-term arrangement for the exclusive distribution of these products through ABANCA’s banking and digital networks.”

The acquisition of 50% of ABANCA Generales is subject receipt of regulatory approvals.

In July last year, Crédit Agricole Assurances signed an agreement with Italian bank Credito Valtellinese (CreVal) to establish a long-term exclusive life insurance partnership.