Dutch life insurance and pension specialist Aegon and Spanish savings bank Caja de Ahorros de Santander y Cantabria have agreed to establish a bancassurance partnership, which will see the distribution of Aegon's life insurance and pension products through the Spanish bank's network of branches, located primarily in the northern Spanish province of Cantabria, Santander.
As part of the joint venture agreement, the Spanish savings bank will provide exclusive access to its network of 170 branches, covering some 500,000 clients, while Aegon Spain will carry out all back-office functions for the new partnership.
The deal will further strengthen Aegon’s bancassurance capabilities in Spain’s rapidly growing life insurance and pension markets, while the partnership for Caja de Ahorros de Santander y Cantabria (Caja Cantabria) will allow the group to extend the range of products available to its customers.
The agreement will also complement Aegon’s exisiting partnerships in Spain with Caja de Ahorros del Mediterraneo, Caja de Ahorros y Monte de Piedad de Navarra and Caja de Badajoz. With this latest partnership, Aegon now has access to almost 1,800 bank branches across Spain.
The transaction is expected to close during the fourth quarter of 2007 and is subject to regulatory approval.