The Allianz Popular partnership between the German insurer Allianz and the Spanish bank Banco Santander is coming to an end. Allianz announced that it would transfer its 60 percent stake in the joint venture for 936.5 million euros to the Banco Santander, which took over Banco Popular in 2017.
The deal also ends the exclusive distribution agreement in the field of non-life insurance. The deal, which is expected to be completed in the first quarter of 2020, is still subject to legal approvals. Allianz and Banco Popular came to an exclusive bank-insurance alliance in 2011.
If the deal is completed, the Dutch insurer Aegon is expected to take a majority stake in the life insurance and non-life division of the joint venture. Aegon announced last year to expand its collaboration with Banco Santander. The final conditions for this further joining of forces were, among other things, dependent on the termination process of alliances of Banco