Banco Santander, a Spanish multinational commercial bank and financial services company, agreed to acquire 60% stake in Allianz Popular, an insurance service provider, from Allianz, a German multinational financial services company, for $1bn (€936m). Allianz and Banco Popular entered into an exclusive long-term bancassurance alliance in 2011. It covered life insurance, pensions, and asset management through a joint venture Allianz Popular SL, as well as the distribution of non-life insurance products in Spain.