In a move aimed at
strengthening their relationship stretching back over two decades,
Allianz and Spanish bank Banco Popular are to form a new joint
venture, Allianz Popular.
To create the new company,
Allianz and Banco Popular will bundle together their existing joint
ventures that distribute through Banco Popular’s
network.
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These are life insurance
provider Eurovida and pension plan provider
Europensiones.
In addition, Banco Popular’s
asset management subsidiary Popular Gestion will become a unit of
Allianz Popular, adding asset management to the alliance partners’
joint product offerings for the first time.
The total value of the
businesses involved in creating Allianz Popular is €1.058bn
($1.5bn), while total assets under management will be some
€11bn.
Allianz Popular, in which
Allianz will have a 60% stake and Banco Popular a 40% stake, will
have an exclusive distribution agreement with its owners for an
initial period of 15 years.
The agreement will give
Allianz Popular access to Banco Popular’s 2,000 branches in Spain
and its 6.3m customers.
In addition to Banco Popular,
Allianz distributes life, pension and general insurance products
through 11,000 agents and brokers in Spain.
