ING Spain is a retail and commercial digital bank with more than four million clients and EUR 22BN of gross loans
ING Spain (ING) is part of the leading financial group, ING, listed in the Dutch Stock Exchange with a market capitalization of approximately EUR 39BN
Admiral is a high growth insurance company listed on the London Stock Exchange, with a market capitalization of approximately EUR 7BN – its total consolidated revenues amounted to ~EUR 3.6BN in 2020
The Admiral group currently has over eight million clients globally, operating across motor and home insurance, reinsurance, and other related services
Process
DC Advisory (DC) was engaged as exclusive financial advisor to ING to provide M&A advice on selecting a strategic partner for its motor insurance business
DC used its market expertise to provide support and improve both the qualitative and financial aspects of the agreement
DC’s deep understanding of the business and its market insights allowed ING to reach a very attractive agreement, with the right partner, in the execution of an ambitious project
Outcome
ING signed a long-term strategic agreement with Admiral for the distribution of motor insurance products across Spain
Admiral had no long-term bancassurance agreements prior to this agreement with ING
Financial terms of the agreement were not disclosed
This transaction further bolsters DC’s credentials in the bancassurance space, and is a demonstration of our deep sector expertise and understanding
“It has been a pleasure to work with DC Advisory. I am convinced that without the rigorous and expert support provided by the team, we would not have reached such a hopeful outcome.”
“Congratulations to both parties on such a positive outcome for all. We have enjoyed using our deep sector expertise to support ING in this process and have learned a lot throughout. Without a doubt, ING’s team and culture absolutely elevates and differentiates the organisation.”
