Allianz agrees on bankassurance deal with BBVA

MUNICH/MADRID (Reuters) - German insurer Allianz has struck a deal to invest in the bancassurance business of Spanish lender BBVA , the companies said on Monday, confirming an earlier report by Reuters.The venture will give Allianz a platform to revive its Spanish distribution network for its property-casualty insurance products after a previous agreement with Banco Popular came to an end following Popular's sale to Santander in 2017.Allianz will acquire 50% plus one share of the joint venture..