Banco Santander and Equity sign affinity agreement
by Richard Kilner
An affinity partnership agreement has been signed today by Equity Direct Broking Limited (EDBL) and Santander Insurance Services UK (SISUK), part of Banco Santander.
The new motor insurance policy (Santander Car Insurance) is to be aimed at Abbey customers, and offers free breakdown coverage.
Abbey is one of several British banks the Spanish banking giant has taken over in recent years, the others being Alliance & Leicester and Bradford & Bingley.
Unlike many other Western financial institutions Santander performed robustly during the subprime mortgage crisis, putting it in a position to takeover weaker firms.
In Q1 of this year Santander recorded profits of €2.1bn, up 8% compared to Q4 of 2008.
Santander Car Insurance is also to be made available over the internet through established sites such as GoCompare, Moneysupermarket.com, TescoCompare and InsuranceWide.
Santander Car Insurance will enable customers to enjoy free breakdown cover for life and additional named drivers will earn no claims bonus.
Abbey staff will also be able to take advantage of key cover as standard.