MADRID--Spain's CaixaBank SA (>> CaixaBank SA)
Friday said it will receive 600 million euros ($778 million) from
Berkshire Hathaway Inc. (BRKA) in exchange for a reinsurance agreement
over a portfolio of life policies.
In a statement, Barcelona-based CaixaBank--a lender that, like many of
its Spanish competitors, has large insurance operations--said the deal
will result in a gross extraordinary profit of EUR524 million.
CaixaBank said it will continue handling the policies, adding that the
deal will have no commercial impact on its insurance operations.
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