Paris, 17 December 2014
CNP Assurances has entered into a long-term strategic partnership in insurance in Europe with Banco Santander
Following the announcement on July 10th 2014 of a strategic partnership with Banco Santander, CNP Assurances has finalised, after obtaining the necessary approvals from the regulatory authorities, the acquisition of 51% of Santander Consumer Finance’s life and non-life insurance subsidiaries and the signing of a long-term exclusive distribution agreement which includes all the protection insurance products in 10 European countries where Santander Consumer Finance enjoys leading market positions (Germany, Poland, Italy, Spain, Austria, Portugal, Norway, Sweden, Denmark and Finland).
“The finalisation of this partnership with Banco Santander is a key step in the implementation of our strategy in the protection activities in Europe” said Frédéric Lavenir, Chief Executive Officer of CNP Assurances.