Aegon NV and Banco Santander SA Complete 25-Year Partnership In Spain

Tuesday, 4 Jun 2013 02:05am EDT 

Aegon NV announced that it has completed an 25-year strategic partnership with Banco Santander, Spain's financial group, first announced last December. Under the terms of the agreement, Aegon has acquired a 51% stake in both a life insurance company as well as in a non-life insurance company for a consideration of EUR 220 million. The joint ventures will distribute life and general insurance products through Banco Santander's branch network. Aegon Spain will provide the back-office services to the joint venture companies. The Santander franchise of 4,000 bank branches provides Aegon with access to twelve million customers throughout the country, and includes the integrated networks of Banesto, Banif and Openbank. 

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