EU Clears Joint Venture Between Santander, Spanish Insurer

Law360, London (June 14, 2019, 3:21 PM BST) -- The European Commission has approved a joint venture between Banco Santander SA and Spanish insurer MAPFRE SA aimed at providing nonlife insurance to businesses in Spain.

The European Union’s executive arm said on Thursday that it has cleared the partnership between the MAPFRE group, which provides insurance and reinsurance policies across 45 countries, and Spanish banking giant Santander, which serves retail and corporate clients across Europe, the U.S. and Asia.

The commission said that the transaction “would raise no competition concerns, given the limited overlaps and vertical links between the companies' activities in the relevant markets in Spain.”

Santander will hold...

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