Santander announces agreement with Aviva
Spanish financial giant Santander, the owner of UK assets such as Abbey, Alliance and Leicester and parts of Bradford and Bingley, has today announced an exclusive five-year deal with UK insurance giant Aviva. The agreement sees Santander enter into an exclusive deal which will see the company sell Aviva life insurance through its 1300 UK branches.
This is not the first deal between Santander and Aviva as the Spanish giants already sells a range of Aviva general insurance products throughout the UK. There is no doubt that Santander is "bulking up" the UK operation ahead of a potential sale later this year or early next year. Quite what value investors will place upon the company's UK operations remains to be seen but there has been significant growth over the last decade.
Santander is one of the few financial companies around the world which has managed to exit the worldwide economic downturn very much stronger. The company continues to look for acquisitions both in the UK and overseas and many believe that Santander, already a formidable name in the worldwide financial arena, is one to watch for the future. It has taken some time to expand the UK operations but the company now has a very strong presence in the country.
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