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Date	10/07/2000
Companies	BANCO SANTANDER CENTRAL HISPANO -
Subject	BSCH, Generali and Metropolitan Life Bancassurance JV

	Banco Santander Central Hispano has succeeded in its plan to form a new Bancassurance JV owning 60% of the capital in the new company with its two existing insurance partners 20% each. For a long period of time BSCH & Generali regularly commented publicly on how the other was responsible for the low sales of insurance through the BSCH network in Europe. Just two months ago Generali management told a meeting of analysts that it was not Generali policy to take minority shares in companies such as BSCH was proposing (and has now implemented). Broadly, BSCH places all of its European bancassurance business with Generali and its Americas business, North and South, with MetLife currently. It would appear that all of the jointly held companies between BSCH & either of the insurers, with the exception of Seguros Genesis in Spain, will be bought out by BSCH. Seguros Genesis in Spain is understood to be left as an exception with the current 80% MetLife 20% BSCH holding. Securos Genesis is the third largest Spanish insurer.
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