AMSTERDAM--Dutch insurance group Aegon NV (AEG) Tuesday said it
has completed an exclusive 25-year strategic partnership with Banco
Santander SA (SAN), Spain's largest financial group, first
announced last December.
MAIN FACTS:
- Under the terms of the agreement, Aegon has acquired a 51%
stake in both a life insurance company as well as in a non-life
insurance company for a consideration of 220 million euro.
- The joint ventures will distribute life and general insurance
products through Banco Santander's extensive branch network. Aegon
Spain will provide the back-office services to the joint venture
companies.
- The long-term partnership enables Aegon to consolidate its
strong market position in Spain and supports Aegon's ambition to
become a leader in its chosen markets.
- The Santander franchise of 4,000 bank branches provides Aegon
with access to twelve million customers throughout the country, and
includes the integrated networks of Banesto, Banif and
Openbank.
- Aegon has been active in Spain for over thirty years and
maintains a long-term commitment to the country. It has established
a reputation as a preferred provider of protection products and
services through its network of bancassurance joint ventures.
- By Amsterdam Bureau, Dow Jones Newswires;
amsterdam@dowjones.com
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