Spain's Santalucía targets Colombian market
Spanish insurer Seguros Santalucía, which specializes in coverage of funeral services in addition to offering life and retirement insurance, announced plans to expand its international footprint into Colombia via a strategic alliance with local partner Fundación Social.
With Fundación Social's partnership with Seguros Santalucía, both will commit a 50/50 investment in the creation of a new unit under the Grupo Fundación Social umbrella, according to Santalucía's international development chief José Luis Ruiz, as reported in Spanish media outlet El Economista.
The broader deal involves bringing Seguros Santalucía, as well as two other Grupo Santalucía subsidiaries Albia and Ballesol, into Colombia's funeral industry, as part of the group's Transforma 2020 strategic plan for international development.
The partnership with Fundación Social seeks to utilize Santalucia's expertise in the specialty market, similarly to business development with the firm in Portugal, Peru, Mexico and Argentina.
Fundación Social has more than a century of experience in Colombia as a financial and insurance group. Its banking unit, Banco Caja Social, is the ninth largest commercial lender with 3.8mn clients and 260 offices nationwide.
The Spanish firm's goal in Colombia is to occupy a top-3 position in its market segment, said Ruiz.
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
News in: Political Risk & Macro (Peru)
Peru registers higher-than-expected drop in private investment
The central bank's latest report shows that the economic recovery has not started.
Unifying Peru's environmental permitting processes seen as bad idea
Experts said the proposal won't increase efficiency, but politicize the processes.
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects
Get key information on thousands of projects in Latin America, from current stage, to capex, related companies, key contacts and more.
- Project: Tram in Villavicencio
- Current stage:
- Updated:
2 days ago
- Project: Llurimagua
- Current stage:
- Updated:
2 days ago
- Project: Cañaveral hydro plant
- Current stage:
- Updated:
2 days ago
- Project: Kappa wind power generation project
- Current stage:
- Updated:
2 days ago
- Project: Ruta 5 highway concession, Caldera - Antofagasta stretch
- Current stage:
- Updated:
2 days ago
- Project: Buenaventura Hospital Citadel
- Current stage:
- Updated:
2 days ago
- Project: Huánuco-Tocache-Celendín-Trujillo transmission line, expansions and associated substations
- Current stage:
- Updated:
2 days ago
- Project: Paluguillo - Bellavista conduction pipeline (Section 1: Paluguillo - Puembo)
- Current stage:
- Updated:
2 days ago
- Project: Illari solar park
- Current stage:
- Updated:
2 days ago
- Project: Potássio Autazes
- Current stage:
- Updated:
2 days ago
Other companies
Get key information on thousands of companies in Latin America, from projects, to contacts, shareholders, related news and more.
- Company: Indar Electric, S.L  (Indar Electric)
-
Indar Electric, S.L provides bespoke solutions in the area of electric power generation. It has plants in Milwaukee (US), Mexico City, Beasain and Segorbe (Spain) and a sales ne...
- Company: Aker Solutions ASA  (Aker Solutions)
-
Norway's Aker Solutions ASA – controlled by holding Aker Kvaerner - is a provider of subsea production equipment and offshore field design services for the oil & gas industry. I...
- Company: Hymatek Control A.S.
- Company: FOM PER S.A.C.
- Company: WMetria Consultoria Ambiental
- Company: Asociación Accidental TRIB Ivirizu
- Company: WEG S.A.  (WEG)
-
The description included in this profile was taken directly from an official source and has not been modified or edited by the BNamericas’ researchers. However, it may have been...
- Company: Sol de Itaueira I SPE LTDA
- Company: Grupo Tejofran
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...