People’s Bank and Allianz have established a joint venture to strengthen their strategic alliance and integrate all activities in life insurance, pension and investment funds on the same platform, which manages assets worth over 11,000 million euros, the bank bench .
The new company, called People’s Allianz, is composed of existing companies that already share Banco Popular and Allianz, ie Eurovida (life insurance) and Europensiones (pension plan management) is added to People Management (investment fund manager).
Banco Popular will have a stake in the new company Allianz of 40% and 60%. The partnership brings an exclusive long term distribution of life insurance, pension plans, mutual funds and non-life insurance.
Sources of the bank have indicated that the creation of this new company reinforces the strategic alliance with Allianz. “It’s a step in the excellent relationship we have for over 20 years,” underlined.
