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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