On March 24, 2011, Allianz SE announced that it will strengthen its strategic partnership with Banco Popular.
On March 24, 2011, Allianz SE announced a joint venture to strengthen its existing strategic partnership with Spain-based Banco Popular. The new joint venture will unite various existing joint ventures under the name Allianz Popular. The new platform will manage assets worth approximately 11 billion euros. As part of the agreement, Allianz and Banco Popular will have exclusive distribution for an initial term of 15 years. As a result of the transaction, which is subject to regulatory approvals, Allianz will own 60% of Allianz Popular and Banco Popular will hold the rest.
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