In October of 2019, reports indicated that the German insurance giant Allianz was seen as the favourite to invest in the bancassurance business of Spanish lender BBVA, and today Reuters has reported that Allianz has struck a deal to invest in this business.
According to the newswire, two sources close to the matter have revealed that Allianz has agreed the deal with BBVA, and that an announcement could come as early as today (Monday). The sources indicated that the two institutions will cooperate on property and casualty insurance but not on life insurance, and that the deal will be worth significantly less than the originally touted €1 billion.
BBVA’s insurance network currently provides everything from life to health to home to car insurance and, if successful, this deal would give Allianz a platform to revive its Spanish distribution network after its prior agreement with Banco Popular ended following the sale of Popular to Santander in 2017.
