THE HAGUE (dpa-AFX) - Dutch insurer Aegon (AGN.L, AEG) reported the completion of an exclusive 25-year strategic partnership with Banco Santander (BNC.L, SAN), first announced last December.
As part of the deal, Aegon has acquired a 51% shareholding in both a life insurance company and in a non-life insurance company for 220 million euros. The joint ventures would distribute life and general insurance products through Banco Santander's extensive branch network, while Aegon Spain would provide the back-office services to the joint venture companies.
According to Aegon, the long-term partnership enables it to consolidate its strong market position in Spain and supports its ambition to become a leader in its chosen markets. The Santander franchise of 4,000 bank branches provides Aegon with access to 12 million customers countrywide, including the integrated networks of Banesto, Banif and Openbank.
The Dutch insurer has been active in Spain for more than 30 years and maintains a long-term commitment to the country.
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