CNP Assurances signs bancassurance deal with Banco Santander

French CNP Assurances has signed an exclusive long-term distribution agreement with Santander Consumer Finance (Banco Santander Group) covering 10 European countries.

CNP Assurances will purchase a 51% stake in Santander Consumer Finance’s life and non-life insurance subsidiaries for a consideration of 290m.

Under the terms of the distribution agreement, Santander Consumer Finance will distribute all the life risk insurance products and payment protection insurance (PPI) across Germany, Poland, Italy, Spain, Austria, Portugal, Norway, Sweden, Denmark, and Finland.

CNP Assurances believes that the distribution deal and stake acquisition will enable the group to achieve immediate scale in several European markets with strong fundamentals, including in Germany.

Commenting on the deal, CNP Assurances’ CEO Frédéric Lavenir said, "This agreement marks a key step in the implementation of our strategic priorities in Europe. With Banco Santander, Europe’s first retail bank, we create a partnership fulfilling CNP Assurances’ ambitions."

Financed from existing resources, the transaction is anticipated to conclude by end of 2014, following concerned regulatory approvals.

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