Allianz has partnered with Spanish lender, Banco Popular, to establish a fund management joint venture in Spain, The Wall Street Journal reports. The new venture, which will be called Allianz Popular, would integrate the life insurance, non-life insurance, pension and mutual funds businesses of both companies. The German insurer, which will hold 60% of the new venture, paid €185 million in the transaction. As per the agreement, Allianz will be the only asset manager apart from Banco Popular’s asset management arm, Popular Gestión, authorized to distribute financial products to Popular’s retail clients, adds Citywire.
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