Banco Santander SA (SAN.MC) said Monday that it has reached an agreement to terminate Banco Popular Espanol SA's agreement with Allianz SE (ALV.XE) for the exclusive distribution of certain products. As part of the agreement, Santander Group will pay 936.5 million euros ($1.06 billion) for Banco Santander to acquire Allianz's 60% stake in Allianz Popular and to terminate the agreement for exclusive distribution of certain non-life insurance products through the Banco Popular network.
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