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| Date |
25/05/1999 |
| Companies
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GENERALI - BANCO SANTANDER CENTRAL HISPANO - |
| Subject
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BSCH not happy with insurance arrangements |
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BSCH ( Banco Santander Central Hispano SA) is reportedly unhappy with its current insurance arrangements. It is easy to understand the reason for this. In 1998 it, the largest Spanish bank, made Pts800m ( E4.8m UKP3.2m) pre-tax from insurance. Its smaller competitor, Banco Bilbao Vizcaya SA, during the same period made pre-tax Esc12.4bn (E75m UKP49m) from insurance.
The company is not talking about the matter on the record. Its main distribution agreement is with Generali who have a 2.1% shareholding in the bank and two joint venture insurance companies with BSCH.
Generali press office responded to press comments by stating that there had been no meeting and there were no meeting planned in the near future on the subject. They also mentioned the term of the marketing agreement - it lasts until 2012 according to Reuters.
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| Copyright SigBizInfo Limited © 1999. All rights are reserved. Unauthorised redistribution is Illegal. |
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Go to banking newslink for the latest information on this new service. |
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