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Report: Germany's Allianz in pole position for BBVA's bancassurance business

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Report: Germany's Allianz in pole position for BBVA's bancassurance business

Allianz Group is in pole position to invest in Spain-based Banco Bilbao Vizcaya Argentaria SA's bancassurance business, although it must still fend off a U.S. rival, Reuters reported, citing two sources close to the deal.

A deal, said to be valued at more than €1 billion, is likely by the end of 2019, according to the sources. A deal is anticipated to be built as a partnership or a joint venture involving insurers in Spain, Mexico and Latin America.

However, the German insurer must still contend with Liberty Mutual, which is also eyeing a bid. The sources said BBVA's negotiating power is weaker following the reported withdrawal of Italian insurer Generali due to concerns over the investment's profitability.