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Banco Santander SA To Form Strategic Alliance With Aegon NV


Thursday, 20 Dec 2012 01:59am EST 

Banco Santander SA (Santander) announced that it has entered into partnership with the insurer Aegon NV (Aegon) to form a strategic alliance which will allow them to strengthen their bankassurance business in Spain through the Santander branch networks. Santander will create two new insurance companies, one for life and one for general insurance, in which Aegon will take a 51% stake. Santander and Aegon will share responsibility for managing them. Santander will keep a 49% stake and sign a 25-year contract to distribute their insurance products via its branch networks. The deal excludes savings, health and auto insurance products, which will continue to be managed by Santander. Santander said the transaction would generate it a gross gain of EUR 410 million. The transaction, which requires authorizations from Spain's Office for Insurance and Pensions and from the European competition authorities, is expected to close in the first half of 2013. 

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