Spain's Santander to sell majority stake in Latin American insurance units to Zurich Financial | Markets | Market News | Canadian Business Online

Spain's Santander to sell majority stake in Latin American insurance units to Zurich Financial | Markets | Market News | Canadian Business Online: "Spain's Santander bank says it will a sell majority stake in its Latin American insurance units to Zurich Financial Services Group.

In a statement Tuesday, Santander said it would create a holding company made up of its insurance units in Brazil, Chile, Mexico, Argentina and Uruguay, which it said were valued at $3.275 billion.

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