As announced earlier this year Zurich and Santander are entering into a 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 transaction was first announced on February 22, 2011. The parties expect to close the transaction with respect to the remaining countries before the end of the year, subject to the receipt of all regulatory approvals.