Allianz: sells 60% stake in Spanish joint venture

(CercleFinance.com) - Germany's Allianz, Europe's biggest insurer, has agreed to sell its 60% stake in a Spanish joint-venture bancassurance firm to its partner Banco Santander, the group said on Monday.


Santander will pay 936.5 million euros to buy the stake in Allianz Popular SL, the German insurer said.

The deal also means the termination of their exclusive non-life insurance distribution agreement, it added.

Allianz said it plans to continue to operate in both non-life and life insurance markets through its wholly-owned Spanish unit.

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