Zurich Financial Services will acquire a 51% stake in Banco Santander’s insurance operations in Brazil, Mexico, Chile, Argentina and Uruguay, Bloomberg reports. The Swiss insurer will pay $1.67 billion for the stake.
The Zurich-based firm seeks to fund the acquisition from existing cash and through the issuance of hybrid debt. Zurich Financial Services has also agreed on a 25-year distribution agreement in Latin America.
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