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Allianz, Banco Santander To End Bancassurance Partnership In Spain

Banco Santander, S.A. (BNC.L,BSBR,SAN) and Allianz have reached a deal under which Allianz will sell its 60 percent stake in Allianz Popular SL to Banco Santander. The companies also agreed to end the bancassurance partnership that the Allianz's operating entity held in Spain for the distribution of certain life insurance products, non-life insurance products, collective investment institutions, and pension plans through the Banco Popular network. Banco Santander will pay Allianz 936.5 million euros for the total deal.

Upon completion of the transaction, 51% of AP Life's life-risk insurance business and 51% of the future non-life Insurance business coming from the Banco Popular network and not transferred to Mapfre, will be acquired by Aego. Also, 50.01% of the motor insurance, multi-risk business, multi-risk SMEs and civil liability insurance for enterprises businesses in the entire Banco Santander network in Spain will be acquired by Mapfre.

The completion of the termination agreement is expected to occur in the first quarter of 2020. Banco Santander expects the overall effect of these deals to be slightly accretive in earnings per share.

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