CNP Assurances signs a long-term stategic partnership with Banco Santander (Spain) in Europe

The State social insurance fund (CNP Assurances) has announced the acquisition of 51% of Santander Consumer Finance (Groupe Banco Santander) subsidiaries.

The 395 million USD deal will be concluded by the end of the year.

It also grants the French group, a long term-exclusive distribution right of social protection insurance products in 10 countries of the Europe area.

This operation allow CNP Assurances "to attain immediately the critical size on several European markets with strong fundamentals, especially in Germany", the Group has said in a press release.

As a reminder, in 2013, Santander Consumer Finance subsidiaries have genrated almost 826 million USD of turnover.