Santander To Pay Allianz €937M To End Spanish Joint Venture

Law360, London (June 24, 2019, 3:22 PM BST) -- Banco Santander SA said Monday that it has agreed to pay €936.5 million ($1 billion) for insurer Allianz’s 60% stake in their joint venture, which distributes insurance and pension products in Spain.

Banco Santander's €937 million ($1 billion) purchase of insurer Allianz’s 60% stake in the joint venture is expected to complete in the first quarter of 2020, the Spanish bank said. (AP) The transaction will put an end to Allianz Group’s involvement in Allianz Popular SL, which distributes insurance and pension products for Santander’s Banco Popular Espanol SA in Spain. Allianz Popular — which was jointly founded by Banco Popular and...

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