Santander may sell insurance assets to Santa Lucia

Banco Santander may sell part of its insurance business to Spanish insurance firm Santa Lucia, reports Spanish daily Expansion this morning. The terms of the deal could include the partial sale of the life insurance business, which notched up €200m in revenue each year, and the general insurance business (€150m in revenue).In total, the Spanish banking giant is looking to offload around 16% of its total premiums income in Spain.The daily also states that conversations include the creation of a joint venture (50-50%) that will distribute Santa Lucia's products via the Santander network.Although the companies did not comment on the matter, market sources say that the deal could be worth more than €300 million.Santander closed at €5.883 per share yesterday.S.C.