Aegon and Spain’s Banco Santander have agreed to set up two joint ventures with the Dutch insurance company paying €220m for a 51% stake in each.

The 25-year deal allows Aegon, which has been active in Spain for 30 years, to sell life and non-life insurance polices via the Spanish bank’s 4,600 branches.
The agreement, which must still be approved by the financial sector regulators, gives Aegon access to 12 million potential clients, Aegon said in a statement.