Santander (STD) will sell a 51% stake in its "non-core" Lat-Am insurance business to Zurich...

|By:, SA News Editor

Santander (STD) will sell a 51% stake in its "non-core" Lat-Am insurance business to Zurich Financial (ZFSVY.PK) for $1.7B, giving Zurich access to the Spanish bank's 5,600 branches and 36M customers in the region. STD could earn another 20% on the deal if milestones are met over the next 25 years. STD -3.9% premarket.