Santander, Mapfre Create Spain Insurance JV
January 21 2019 - 8:53AM
Dow Jones News
By Nathan Allen
Banco Santander SA (SAN.MC) and Mapfre SA (MAP.MC) signed an
agreement to create a joint venture that will provide insurance
services within Spain, the companies said Monday.
Mapfre will invest 82 million euros ($93.2 million) for a 50.01%
stake in the JV, while Santander Insurance will hold the remaining
49.99%, the companies said.
Under the agreement Santander will distribute several types of
insurance policies through its network in Spain.
"The alliance with Santander significantly increases our
commercial reach, bringing more than 4,000 additional points of
sale into play," Mapfre Chief Executive Jose Manuel Inchausti
said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
January 21, 2019 08:38 ET (13:38 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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