Santander Books EUR337 Million Extraordinary Gain on Reinsurance Deal
07/19/2012| 12:21pm US/Eastern
By David Roman
MADRID--Spain's Banco Santander SA (>> Banco Santander, S.A.) said Thursday it is booking an after-tax extraordinary gain of 337 million euros ($413.5 million), following a reinsurance deal with Abbey Life Ltd., a subsidiary of Deutsche Bank AG (>> Deutsche Bank AG).
Santander, Spain's largest bank by market value, said the deal involves the transfer of a portfolio of policies to Abbey Life and added that it plans to use to proceed to cover provisions related to real estate assets, in line with recent government directives.
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