Aegon has agreed a €220 million (£178 million) deal with Santander that will see the Spanish bank distribute the life company’s protection and general insurance products through its branches.
Aegon said the deal would give it access to around 12 million Spanish customers in 4,600 branches. It has taken a 51% stake in a joint venture company with Santander.
Aegon chief executive Alex Wynaendts (pictured) said: ‘Aegon has a firm commitment to Spain and a clear track record of providing quality products and services through the bank channel. With Santnader we look forward to reaching and serving an even greater number of potential customers seeking long-term financial security in these uncertain times.’