By Pietro Lombardi

Allianz SE and Banco Bilbao Vizcaya Argentaria SA have formed a joint venture that includes a long-term exclusive distribution agreement for property-casualty insurance products through the bank's branch network in Spain.

The German insurance giant will pay an initial price of 277 million euros ($300.0 million) to get 50% plus one share in the JV, it said late Monday. It will also pay up to EUR100 million related to specific achievements.

"Under the agreement, BBVA will exclusively partner with Allianz to meet its customers' needs in the country for non-life and non-health insurance products," Allianz said.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

April 28, 2020 01:03 ET (05:03 GMT)

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