ALLIANZ Group and Banco Popular have been collaborating in a bancassurance alliance since 2011, commercializing life insurance, pensions and asset management products through a joint venture, ALLIANZ Popular SL. ALLIANZ Popular SL also distributes non-life insurance products in Spain.
Banco Popular and Banco Santander merged in 2017, operating since then under the name of Banco Santander.
Banco Santander will pay ALLIANZ EUR 937 million for the acquisition of 60% stake in ALLIANZ Popular SL and for the termination of the non-life distribution agreement with ALLIANZ's operating entity in Spain. The transaction is subject to regulatory approvals. Allianz expects the transaction to be completed in the first quarter of the next year.
ALLIANZ will continue to operate in Spain life and non-life insurance markets through ALLIANZ Compania de Seguros y Reaseguros S.A. and Fenix Directo Compania de Seguros y Reaseguros S.A., which generated EUR 3.3 billion in gross written premiums by the end of 2018. ALLIANZ Popular SL wrote EUR 0.3 billion in premiums and managed EUR 12.5 billion in assets in 2018.