VIDEO and STILLS from Zurich available on thenewsmarket.com: Zurich and Santander Announce Long-Term Alliance in Latin America
NEW YORK, Feb. 22, 2011 /PRNewswire/ -- Get video and stills from Zurich at:
Zurich Financial Services Group (Zurich) announced it has signed a Memorandum of Understanding (MOU) with Banco Santander SA (Santander) to enter into a 25-year strategic distribution arrangement in Latin America. As part of the transaction, Zurich will acquire a 51% participation in the life insurance, pension and general insurance operations of Santander in Brazil, Mexico, Chile, Argentina and Uruguay. Zurich will pay USD 1.67 billion for its 51% participation in the insurance operations including the respective distribution agreements. In addition, over the 25-year term of the distribution agreements there is an earn-out mechanism for achieving specific profit performance targets and a mechanism that would protect against possible underachievement. Available material includes general views and still images.
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