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Santander in talks with Mapfre over car, SME insurance deal

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Santander in talks with Mapfre over car, SME insurance deal

Spanish banking group Banco Santander SA and insurer Mapfre SA are in talks to sign a deal that would see Santander exclusively sell Mapfre's insurance products for cars and small and medium-sized business, Expansión reported Dec. 17.

Citing sources, the paper said the deal would close shortly.

The report said Santander currently sold car insurance through six companies, including Axa, and had been looking for a single partner, but put the plan on hold when it took over failed Spanish lender Banco Popular Español SA in June 2017, a leading Spanish SME lender.

The paper said the Mapfre deal would give Santander greater access to the small business insurance market. It currently only serves companies with revenues of more than €50 million.