Santander BanCorp Launches Insurance Subsidiary in Puerto Rico
Spain’s Santander BanCorp (SBC) announced that its Puerto Rican subsidiary, Banco Santander Puerto Rico, has launched Santander Insurance Agency, ” which plans to offer life, health and disability insurance as a corporate agent and will operate as a general agent.”
SBC qualifies as a financial holding company under the terms of the Gramm-Leach-Bliley Act, and is the first such group to set up an insurance subsidiary in Puerto Rico. It operates throughout Latin America with interests in banking, insurance and financial management.
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