mikeruge logo small whitemikeruge logo small whitemikeruge logo small whitemikeruge logo small white
  • Home
  • Michael Ruge
  • Recommendations
  • Blog
Show all
0

Allianz, BBVA associate to bancassurance joint venture in Spain

Published by Michael Ruge at April 28, 2020
Categories
  • Joint Venture
Tags
  • Joint Venture
  • Joint Venture Account
  • Michael E Ruge
  • Michael Ruge
  • Sharing Profit

German insurance giant Allianz has reached an agreement with BBVA to form a bancassurance joint venture to boost the non-life insurance business in Spain.

The partnership also includes a long-term exclusive distribution agreement for the sale of property-casualty insurance products through BBVA’s banking network in Spain.

As per the agreement, BBVA will exclusively partner with Allianz to offer non-life and non-health insurance products to its customers.

The joint venture is expected to generate a net profit of €300m. Allianz will make an investment of €277m to acquire 50% plus one share in the proposed joint venture.

Depending on a series of goals, the company will pay up to another €100m.

BBVA is considered one of the largest banks in Spain with around 2,600 branches and over 11 million retail customers.

Loading ... Loading …

Allianz chief transformation officer Iván Sota said: “We are very pleased to enter into a long-term bancassurance relationship with BBVA in Spain.

“This partnership strengthens our position in the market and demonstrates our strong commitment to continue growing in Spain, even more during these difficult times. Together with BBVA, we aim to develop new innovative insurance solutions that are simple and attractive for the customers.”

BBVA Spain head Peio Belausteguigoitia said: “BBVA holds a key head start in the non-life insurance business given the knowledge of its customers and clients and distribution capabilities through physical and digital channels.

“Allianz boasts a clear international leadership in innovation and development of insurance products.”

Michael Ruge
Michael Ruge

Related posts

January 2, 2021

Wizz Air joint venture begins flights to Larnaca from Abu Dhabi


Read more
December 30, 2020

Joint Enterprise Takes on San Diego I-5 Undertaking : CEG


Read more
December 27, 2020

Reliance to purchase out IMG Worldwide from sports activities administration joint venture


Read more

Comments are closed.

Tags

All Ways Solutions AllWaysSolutions.com Bank Account Branding Business Business Marketing Consignment Consultant Consultanting Corporate Record Center Corporate Records Center CRC Deal Making Entrepreneur File Storage Joint Venture Joint Venture Account Make a Deal Marketing Market Research Michael E Ruge Michael Ruge Negotiation Negotiations Record Management Records-Management Records-Management Solutions Record Storage Self Storage Sharing Profit Storage Storage File Experts StorageFileExperts.com Target Markets

Michael Ruge Duncan BC

© 2023 Michael Ruge. All Rights Reserved
Web Development by JustLuvIt
Michael E Ruge | Michael Ernst Ruge | All Ways Solutions | Ruge Charities