Santander (SAN.MC) and Zurich Financial Services AG (ZURN.VX) struck a $1.67 billion deal to free up capital at the acquisitive Spanish bank and give the Swiss insurer access to fast-growing Latin American markets. Zurich will pay $1.67 billion up front for 51 percent of Santander's life insurance, pension and general insurance operations in the youthful economies of Brazil, Mexico, Chile, Argentina and Uruguay. The move fits with Zurich's pursuit of growth in emerging markets, including the purchase of a Lebanese insurer last year, and echoes arrangements it has in place with other banks.
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