Banco Popular and Allianz Spain have created a fund management joint venture, the Spanish bank announced on Thursday.
The joint venture will be called Allianz Popular and would integrate the life Insurance, non-life insurance, pension and mutual funds businesses of both companies.
The new company will manage assets in excess of €11 billion. Allianz will own 60% of the new entity while Banco Popular will own 40%.
Under the terms of the agreement, the German insurance giant will be the only asset manager apart from Banco Popular's asset management arm Popular Gestión authorised to distribute financial products to Popular’s retail clients over the next 15 years.
The exclusive of distribution does not affect the clients from private banking arm Popular Banca Privada, however, and they will continue to enjoy an open architecture offering.
Allianz will have exclusive access to around 6.3 million new clients as a result of the deal, as Banco Popular the is third biggest Spanish retail bank in terms of assets with a market share in deposits and loans of 5%.
Popular Gestión and Allianz Gestión will keep operating as independent fund companies.
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