Santander: EU clears JV with Mapfre

(CercleFinance.com) - The European Commission has authorised the creation of a joint venture between Banco Santander and its subsidiaries, and Mapfre, both of which are Spanish.


The joint venture will market reverse mortgages to individuals in Spain.

Mapfre is active in the insurance and reinsurance sectors. Both companies are operate worldwide.

The Commission concluded that the proposed acquisition would not give rise to any competition concerns given the companies' limited combined position in the retail banking, life insurance and reverse mortgage markets.



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