Spain's largest bank Santander has agreed to pay €937m to end a partnership between Allianz and Banco Popular over the distribution of insurance products.
Santander announced on Monday that is taking Allianz Group's 60% stake in Allianz Popular, which distributed insurance products for Banco Popular in Spain.
The transaction is another repercussion from Santander's 2017 acquisition of Spanish banking rival Banco Popular, which since 2011 had been Allianz's exclusive long-term distribution partner in Spain.
Allianz and Banco Popular had founded the joint venture Allianz Popular to sell life insurance, pensions, asset management and non-life insurance products in Spain.
Allianz Popular owned life insurance group Allianz Popular Vida, Allianz Popular Pensiones and asset management group Allianz Popular Asset Management.
The agreement is expected to be finalised in the first quarter of 2020 after receiving regulatory approvals.