AMSTERDAM--Dutch insurance company Aegon NV (AGN.AE) said
Thursday it has teamed up with Banco Santander SA (SAN.MC) to
distribute insurance products in the euro zone's fourth-largest
economy.
Aegon said it will start a 25-year partnership with Spain's
largest bank and that it will use the lender's network of over
4,600 branches to sell protection and general insurance products.
Under the deal, Aegon said it will pay 220 million euros ($291.5
million) to acquire 51% stakes in both a life and non-life
insurance company.
"Aegon has a firm commitment to Spain," Chief Executive Alex
Wynaendts said in a statement. "With Santander we look forward to
reaching and serving an even greater number of potential customers
seeking long-term financial security in these uncertain times."
Aegon, the owner of U.S. insurer Transamerica, is currently
active in Spain through a number of joint-ventures with local
savings banks, or cajas. It said in June it will exit some of these
partnerships because of Spain's weak economic outlook.
Write to Maarten van Tartwijk at
maarten.vantartwijk@dowjones.com
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