CNP Assurances has finalised the acquisition of 51% of Santander Consumer Finance’s life and non-life insurance subsidiaries after obtaining the necessary regulatory approvals.
The French insurer has also signed a long-term exclusive distribution agreement which includes all the protection insurance products in 10 European countries where Santander Consumer Finance enjoys leading market positions (Germany, Poland, Italy, Spain, Austria, Portugal, Norway, Sweden, Denmark and Finland).
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Frédéric Lavenir, CEO of CNP Assurances, said: "The finalisation of this partnership with Banco Santander is a key step in the implementation of our strategy in the protection activities in Europe."
Listed on the first market of the Paris Bourse since October 1998, CNP Assurances enjoys the backing of a core group of four major shareholders (Caisse des Dépôts et Consignations, La Banque Postale, Groupe BPCE and the French State) united by a shareholders’ agreement.
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