Home » Banco BPM grants a period of exclusivity to Crédit Agricole Assurances for the Non-Life/Protection sector

Banco BPM grants a period of exclusivity to Crédit Agricole Assurances for the Non-Life/Protection sector

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Banco BPM grants a period of exclusivity to Crédit Agricole Assurances for the Non-Life/Protection sector

Banco BPM has granted a period of exclusivity to Crédit Agricole Assurances SA for the Non-Life/Protection sector, in relation to the valorisation process of the bancassurance sector. This is what we read in a press release from the bank led by Giuseppe Castagna:

“As part of the competitive process launched in recent months by the Bank to evaluate possible partnership options in the Non-Life/Protection sector, in which leading insurance operators took part, today the Board of Directors of Banco BPM, having examined the offers received, has resolved to grant Crédit Agricole Assurances SA a period of exclusivity. This exclusivity is aimed at the negotiation and definition of the terms and conditions of the potential purchase by Crédit Agricole Assurances SA of a stake in

majority respectively in Banco BPM Assicurazioni and, subject to the repurchase by the Bank, of Vera Assicurazioni which, in turn, owns 100% of Vera

Protection, with the launch of a potential long-term partnership in the Non-Life/Protection sector”.

“As already communicated to the market on 3 August 2022 – continues the Banco BPM press release – the internalisation process of the Life sector continues, already started by the Bank following the acquisition of the entire capital of Bipiemme Vita (today Banco BPM Vita ) by Covéa Coopération SA”.

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