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Swiss insurance giant Zurich has closed the acquisition of a 51% stake in the life insurance, pension and P&C insurance operations of Santander (NYSE: STD) in Brazil and Argentina as part of its long-term alliance with the Spanish bank in Latin America, Zurich said in a press release.
In February, Zurich and Santander announced they had entered into a 25-year strategic distribution arrangement in Latin America. As part of the transaction, Zurich acquired a 51% stake in Santander's insurance operations in Brazil, Mexico, Chile, Argentina and Uruguay.
Each insurance subsidiary in these countries enters into exclusive distribution agreements with Santander's respective banking unit, subject to local regulatory requirements.
The parties expect to close the transaction as regards the remaining countries before the end of the year, subject to the necessary regulatory approval, Zurich said.