Aegon NV And Banco Santander SA Complete Partnership In Spain-DJ

Tuesday, 4 Jun 2013 02:07am EDT 

Dow Jones reported that Aegon NV said it has completed an exclusive 25-year strategic partnership with Banco Santander SA. Under the terms of the agreement, Aegon NV 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 SA's branch network. Aegon Spain will provide the back-office services to the joint venture companies. The long-term partnership enables Aegon NV to consolidate its market position in Spain. The Santander franchise of 4,000 bank branches provides Aegon NV with access to 12 million customers throughout the country, and includes the integrated networks of Banesto, Banif and Openbank. 

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