Aegon: expands partnership with Santander in Spain
(CercleFinance.com) - Aegon said that it has completed the expansion of its life and non‑life insurance partnership with Santander following the Spanish bank's acquisition of Banco Popular.
This means that Aegon's joint ventures with Banco Santander in Spain completed the acquisition of the life policies previously sold through Banco Popular branches.
They also finalised the rights to write new term life and selected lines of non-life policies through the former Banco Popular branches, which are now owned by Banco Santander.
The price for Aegon's 51% stake in the joint venture with Banco Santander consists of an upfront payment of 187 million euros, somewhat lower than the 215 million euros announced in 2018, Aegon said.
The deal also includes a contingent payment of up to 75 million euros in 2024, subject to the partnership's performance.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
This means that Aegon's joint ventures with Banco Santander in Spain completed the acquisition of the life policies previously sold through Banco Popular branches.
They also finalised the rights to write new term life and selected lines of non-life policies through the former Banco Popular branches, which are now owned by Banco Santander.
The price for Aegon's 51% stake in the joint venture with Banco Santander consists of an upfront payment of 187 million euros, somewhat lower than the 215 million euros announced in 2018, Aegon said.
The deal also includes a contingent payment of up to 75 million euros in 2024, subject to the partnership's performance.
Copyright (c) 2020 CercleFinance.com. All rights reserved.