Zurich Financial Services AG (ZURN.VX) and Santander (SAN.MC) struck a $1.67 billion deal to give the Swiss insurer access to fast-growing Latin American markets and free up capital for the acquisitive Spanish bank. Zurich Financial 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.
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