CNP Assurances says in talks with Santander on European tie-up

PARIS, June 30 Mon Jun 30, 2014 2:53am EDT

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PARIS, June 30 (Reuters) - French insurance group CNP Assurances confirmed that it was in talks with Santander after a newspaper report said it was negotiating to buy 51 percent of the Spanish bank's Irish unit that sells insurance on consumer loans.

If the deal is finalised, CNP would pay about 350 million euros ($477.42 million) and Santander as would remain the minority shareholder, according to Les Echos newspaper.

"CNP Assurances confirms having entered into discussions with Banco Santander in relation to a possible partnership in consumer finance insurance in Europe," said the French insurer in a statement on Monday. ($1 = 0.7331 Euros) (Reporting by Leila Abboud; Editing by Mark John)

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