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Banco Santander to sell South American Insurance arm

Source: AP - Tue 22th Feb 2011
Spain's Santander bank says it will a sell majority stake in its Latin American insurance units to Zurich Financial Services Group.

Spain's Banco Santander realease a statement earlier today announcing that it would create a holding company made up of its insurance units in Brazil, Chile, Mexico, Argentina and Uruguay, which were reported to have been valued at $3.275 billion.

Zurich will acquire 51% of the company for $1.67 billion (euro1.22 billion). Santander will retain a 49% stake.

Banco Santander S.A. is the largest bank in the eurozone by market capitalization and is the largest financial institution in Latin America, where its growth in recent years has helped it weather the financial crisis.

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