logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Auto giant General Motors' (GM) Chevrolet unveiled its new stunning Corvette Stingray 2020. Stingray 2020, the eighth generation of the Chevrolet Corvette, has received the biggest change since its initial launch in 1953. The new 2020 Corvette is a mid-engine vehicle, which is its engine is behind... Amazon.com's Prime Day has brought a smile to the face of some photographers who may have grabbed their best deals of their lives. The e-commerce giant accidentally discounted a wide range of premium camera gear for Prime Day earlier this week, which may have proved costly for it. Thanks to a pricing error, some lucky customers were able to buy premium camera gear bundles for below $100. Women's clothing chain Dress Barn Inc. said it started store-closing or inventory clearance event sales at the 53 stores it plans to close by the end of August. The company expects to close all its stories by end of 2019. It also released a list of the nine stores closing in July and the stores closing in August. Dressbarn has hired Gordon Brothers Retail Partners to help with the store closures.