July 10, 2014 / 6:17 AM / 3 years ago

CORRECTED-CNP Assurances and Santander team up in insurance in Europe

(Corrects amount of deal in first paragraph to 290 million euros from 250 million)

PARIS, July 10 (Reuters) - France’s CNP Assurances said on Thursday it had reached a 290 million euro ($396 million) deal with Spain’s Banco Santander creating a long-term strategic partnership in insurance in Europe.

The partnership will cover 10 countries and will see CNP Assurances take a 51 percent stake in Santander’s life and non-life insurance units, CNP said in a statement. The transaction is expected to close by the end of the year.

$1 = 0.7331 Euros Reporting by Natalie Huet; editing by Jason Neely

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