Santander Buys Control Of Real Tokio Marine For BRL678Mln
10 March 2009 - 8:37AM
Dow Jones News
Spanish banking giant Banco Santander SA (STD) announced Monday
it acquired control of local pension and insurance company Real
Tokio Marine Vida e Previdencia for 678 million Brazilian reals
($284.9 million).
According to a Santander press release, the bank bought a 50%
stake in the firm from Japanese insurer Tokio Marine (TKOMY).
"This acquisition reinforces Santander's goal of growing in
Brazil," said Fabio Barbosa, Santander's chief executive in
Brazil.
With the purchase, Santander assumes management of BRL6.4
billion in private pension funds and BRL247 million in annual
insurance premiums.
The purchase is still subject to approval from the local private
insurance market watchdog Susep.
With the deal, Santander becomes Brazil's tenth largest
insurance broker with BRL1.3 billion in annual premiums.
In the area of private pensions, Santander will rise to the
fourth spot with BRL11.2 billion in managed funds.
-By Alastair Stewart, Dow Jones Newswires; 5511 2847-4520;
alastair.stewart@dowjones.com