German insurance group Allianz SE (ALV.XE) said Thursday it will form a new joint venture with Banco Popular Espanol S.A. (POP.MC), managing around EUR11 billion in assets.

Allianz will hold 60% of the new venture and be named Allianz Popular. Both companies will combine interests in various units, and the total value of the businesses involved is EUR1.06 billion.

The venture offers long-term exclusive distribution of life insurance, pension plans and asset management as well as property and casualty insurance in Spain for an initial term of 15 years.

The transaction is subject to regulatory approvals.

 
-By Monica Houston-Waesch, Dow Jones Newswires; 49 69 2972 5504; nikki.houston@dowjones.com