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EU approves Santander's acquisition of Spanish insurer from Allianz

The European Commission has given the green light to Banco Santander SA's acquisition of a 60% stake in Allianz Popular SL from Allianz Group.

"The commission concluded that the proposed transaction would raise no competition concerns given the limited horizontal and vertical overlaps between the activities of the companies and the fact that Banco Santander already jointly controls Allianz Popular," the EU executive body said Jan. 9.

In June 2019, Santander and Allianz agreed to terminate a deal between Banco Popular Español SA and the German insurance group for the exclusive distribution of certain life and nonlife insurance products, collective investment institutions and pension plans through the Popular network. Under the termination agreement, Banco Santander will pay €936.5 million for Allianz's stake.

Santander acquired Popular for a symbolic €1 on June 7, 2017, after it was wounded down by European authorities.