Banco Santander and Aegon have completed the agreement of an exclusive 25-year strategic partnership, 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 extensive branch network.
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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.
Aegon has been active in Spain for over thirty years and maintains a long-term commitment to the country. It has established a reputation as a preferred provider of protection products and services through its network of bancassurance joint ventures.
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