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April 28, 2020

Allianz strikes bancassurance deal with BBVA in Spain

German insurance giant Allianz has reached an agreement with BBVA to form a bancassurance joint venture to boost the non-life insurance business in Spain.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
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The partnership also includes a long-term exclusive distribution agreement for the sale of property-casualty insurance products through BBVA’s banking network in Spain.

As per the agreement, BBVA will exclusively partner with Allianz to offer non-life and non-health insurance products to its customers.

The joint venture is expected to generate a net profit of €300m. Allianz will make an investment of €277m to acquire 50% plus one share in the proposed joint venture.

Depending on a series of goals, the company will pay up to another €100m.

BBVA is considered one of the largest banks in Spain with around 2,600 branches and over 11 million retail customers.

Allianz chief transformation officer Iván Sota said: “We are very pleased to enter into a long-term bancassurance relationship with BBVA in Spain.

“This partnership strengthens our position in the market and demonstrates our strong commitment to continue growing in Spain, even more during these difficult times. Together with BBVA, we aim to develop new innovative insurance solutions that are simple and attractive for the customers.”

BBVA Spain head Peio Belausteguigoitia said: “BBVA holds a key head start in the non-life insurance business given the knowledge of its customers and clients and distribution capabilities through physical and digital channels.

“Allianz boasts a clear international leadership in innovation and development of insurance products.”

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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