Allianz sells shares in Santander joint venture

By Bruno Reis

The German financial services firm, Allianz, has sold its shares in a joint venture with Banco Santander to the Spanish bank.

Banco Santander will pay €936.5mn (US$1.06bn) for the 60% stake in Allianz Popular, ending the exclusive non-distribution agreement.

This will provide Banco Santander with exclusive distribution rights of certain non-life insurance products.

“Allianz and Banco Popular entered into an exclusive long-term bancassurance alliance in 2011,” stated a press release published by Allianz.

SEE ALSO:

“It covered life insurance, pensions, and asset management through a joint venture Allianz Popular SL, as well as the distribution of non-life insurance products in Spain.”

“Banco Santander acquired Banco Popular in 2017 and the two banks were subsequently merged in 2018.”

Allianz Popular accounted for around 10% Allianz’s overall gross written premiums in the country.

With key products including life insurance, the venture accounted for around 30% the firm’s life insurance gross written premiums in Spain.

The transaction is subject to regulatory approvals and is expected to be completed in the first quarter of 2020.

Share

Featured Articles

Middle East GDP hike of 57% if more women join workforce

By tapping into the potential of next-generation female workers, the MENA region could unlock new economic opportunities, up to US$2 trillion, reports PwC

Dialight supplies LED solutions for industrial safety

Reliance on inefficient lighting technologies are not only harmful to the environment, but also increase injury risk and cost

Top 10: Tech, AI, cloud, cyber speakers at TECH LIVE LONDON

TECH LIVE LONDON events sees technology leaders from IBM, Oracle, Vodafone, JP Morgan, Accenture and the US Space Force among the inspirational speakers

Cyber LIVE adds Vodafone head of cyber Kawalec to line-up

Leadership & Strategy

Musk’s multibillion hostile Twitter takeover – the timeline

Leadership & Strategy

Sustainable moves businesses can make to win customers, IBM

Sustainability