Santander Books EUR337 Million Extraordinary Gain on Reinsurance Deal

Date : 07/19/2012 @ 12:35PM
Source : Dow Jones News
Stock : Banco Santander, S.A. Sponsored Adr (Spain) (SAN)
Quote : 6.58  0.13 (2.02%) @ 4:28PM

Santander Books EUR337 Million Extraordinary Gain on Reinsurance Deal

Banco Santander Chile (NYSE:SAN)
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By David Roman

MADRID--Spain's Banco Santander SA (SAN) said Thursday it is booking an after-tax extraordinary gain of 337 million euros ($413.5 million), following a reinsurance deal with Abbey Life Ltd., a subsidiary of Deutsche Bank AG (DB).

Santander, Spain's largest bank by market value, said the deal involves the transfer of a portfolio of policies to Abbey Life and added that it plans to use to proceed to cover provisions related to real estate assets, in line with recent government directives.

Write to David Roman at david.roman@dowjones.com

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