Allianz’s Joint Venture With BBVA

Hogan Lovells advised Allianz on the deal.

Allianz and Banco Bilbao Vizcaya Argentaria (BBVA) signed an agreement to create a bancassurance joint venture in Spain including a long-term exclusive distribution agreement for the sale of property-casualty insurance products through BBVA’s banking network in Spain.

Allianz acquired 50% plus one share of the new general insurance Joint Venture, for an initial price of 277 million euros and in addition pay a variable amount of up to 100 million euros related to achieving specific business and operational goals.

The new company, which will be called BBVA Allianz Seguros, will exclusively serve the bank’s customers in Spain for simple and digital Non-Life products (excluding health insurance), for the next 15 years.

The Allianz Group is one of the world’s leading insurers and asset managers with more than 100 million retail and corporate customers in more than 70 countries.

BBVA is a customer-centric global financial services group founded in 1857. The Group has a strong leadership position in the Spanish market, is the largest financial institution in Mexico, and has leading franchises in South America and the Sunbelt Region of the United States.

Hogan Lovells’ Corporate Insurance advisory team which asvised Allianz was led by senior associate Felipe Vázquez (Picture), with associate Guillermo Ruiz. In addition, partner Gonzalo F. Gállego and associate Santiago de Ampuero advised on Data Protection issues and partner Casto González-Páramo and senior associate Alfredo Gómez on Competition matters.

Involved fees earner: Santiago De Ampuero Castellanos – Hogan Lovells; Gonzalo Gallego – Hogan Lovells; Alfredo Gómez – Hogan Lovells; Casto Gonzalez-Paramo – Hogan Lovells; Guillermo Ruiz Barrilero – Hogan Lovells; Felipe Vázquez – Hogan Lovells;

Law Firms: Hogan Lovells;

Clients: Allianz;