Zurich Financial Services Group has closed the acquisition of 51% participation in the life insurance, pension and general insurance operations of Banco Santander in Brazil and Argentina.
Earlier in 2011, Zurich and Santander have signed 25-year strategic distribution arrangement in Latin America.
As part of the transaction, Zurich acquires a 51% participation in the insurance operations of Santander in Brazil, Mexico, Chile, Argentina and Uruguay.
Each local insurance company in these countries enters into exclusive bank distribution agreements with Santander’s respective local banking unit, subject to local regulatory requirements.
The parties expect to close the transaction with respect to the remaining countries before the end of 2011, subject to the receipt of all regulatory approvals.
Zurich Financial Services is a multi-line insurance provider with a global network of subsidiaries and offices in Europe, North America, Latin America, Asia-Pacific and the Middle East as well as other markets.