Allianz increases interest in Banco Popular

Since the end of the 1980s Allianz and HypoVereinsbank have been cooperating with Banco Popular in Spain. In connection with the restructuring of holdings between Allianz and HypoVereinsbank, Allianz will purchase shares in the amount of 4.1 percent from HypoVereinsbank.

Allianz and Banco Popular cooperate through mutual affiliates in the life insurance and pension fund businesses. Moreover, property and casualty insurance products are being distributed through the 2,200 branches. Banco Popular has a market capitalization of almost 9 billion euros and serves more than 4 million clients.

The transaction is subject to necessary regulatory approvals.

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