The contract between Anima and Creval-Credit Agricole Italia will be maintained until 2027. The partnership between ANIMA Holding and the Crédit Agricole Italia (CAI) Group continues, adapting as necessary the previous agreement linking ANIMA and Credito Valtellinese. As stated in the note, the revision became appropriate following the merger by incorporation of Creval into CAI, effective as of 24 April 2022.
The agreement maintains the original duration until 2027. CAI and Anima intend to preserve the industrial value of the partnership, connected to the stability of the assets under management equal to approximately 2.9 billion euros or approximately 4% of the adjusted net profit of the 2022 as estimated by Equita Sim. “In our interpretation, the analysts of the Milanese Sim continue, the agreement does not extend to commitments on new flows”. This is good news for the stock, as it underscores the strength of Anima’s distribution deals in the event of a change of control.
According to Intesa Sanpaolo, the continuation of the partnership is not a surprise and Anima’s long-standing agreements with Creval and Banco BPM and MPs do not involve any change of control clause.