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Zurich to Buy 51% of Santander Latin America Insurance Unit

Zurich Financial Services AG, Switzerland’s largest insurer, agreed to pay as much as $2.1 billion for 51 percent of Banco Santander SA’s insurance business in Brazil, Mexico, Chile, Argentina and Uruguay.

The Zurich-based company will make an initial payment of $1.67 billion with Santander receiving as much as $420 million over the next 25 years depending on the performance of the unit, the Swiss insurer said today in an e-mailed statement. Zurich will manage the insurance joint-venture.