Aegon And Banco Santander Complete Partnership In Spain

AMSTERDAM--Dutch insurance group Aegon NV (AEG) Tuesday said it has completed an exclusive 25-year strategic partnership with Banco Santander SA (SAN), Spain's largest financial group, first announced last December.

MAIN FACTS:

- Under the terms of the agreement, Aegon has acquired a 51% stake in both a life insurance company as well as in a non-life insurance company for a consideration of 220 million euro.

- The joint ventures will distribute life and general insurance products through Banco Santander's extensive branch network. Aegon Spain will provide the back-office services to the joint venture companies.

- The long-term partnership enables Aegon to consolidate its strong market position in Spain and supports Aegon's ambition to become a leader in its chosen markets.

- The Santander franchise of 4,000 bank branches provides Aegon with access to twelve million customers throughout the country, and includes the integrated networks of Banesto, Banif and Openbank.

- Aegon has been active in Spain for over thirty years and maintains a long-term commitment to the country. It has established a reputation as a preferred provider of protection products and services through its network of bancassurance joint ventures.

- By Amsterdam Bureau, Dow Jones Newswires; [e-mail]

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