Grupo Mutua to invest $1.3bn in El Corte Ingles.

Grupo Mutua, a Spanish insurer, agreed to invest $1.3bn in El Corte Ingles, a department store chain. The investment will give Mutua an 8% stake in the group and half of its insurance businesses. "The agreement provides for the maintenance of the Seguros El Corte Inglés brand, international projection and the creation of innovative and advanced products that adapt to customer needs; all supported by extensive analytical and data management experience. Both groups also foresee the maintenance of 100% of employment," Mutua.