MAPFRE to acquire a 50.1% stake in Banco Santander Spain’s General Insurance Motor & SMEs business for €80.2m.

MAPFRE, a Spanish insurance company agreed to acquire a 50.1% stake in Banco Santander Spain’s General Insurance Motor & SMEs business for €80.2m ($91.1m). "This is a strategic agreement that boosts MAPFRE’s commercial capacity in Spain. The alliance with Santander significantly increases our commercial reach, bringing more than 4k additional points of sale into play, which will perfectly complement MAPFRE’s already comprehensive agency network, comprising 3k offices and other current distribution channels,” José Manuel Inchausti, MAPFRE Spain CEO.