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Banco Santander SA partners with CNP

Thursday, 10 Jul 2014 02:31am EDT 

Banco Santander SA:Banco Santander and CNP have reached definitive agreement by which the French insurance company will acquire 51 pct stake in three companies that service Santander's consumer finance unit (SCF) and which are based in Irelan.Under terms of agreement, SCF will distribute on an exclusive basis the whole range of products sold to SCF customers in several countries where it operates, including Germany, Spain and Nordic countries.Agreement, which is subject to trelevant regulatory authorizations, values the insurance companies, which distribute life and non-life products through SCF, at 568 mln euro.Transaction, which is expected to close before the end of the year, will generate net capital gain for Grupo Santander of 250 mln euro, which will be fully used to strengthen the balance sheet. 

Company Quote

0.16 +1.82%
24 Oct 2014