The French group buys 65% of the insurance companies controlled by the Milanese bank for 260 million euros. An operation that returns to the two assets a total value of almost half a billion. The CEO of the Milanese institute Castagna: “Now we will fully exploit the potential of our Damage-Protection sector”
Credit Agricole goes shopping in the Italian bancassurance sector. The French credit giant has signed an agreement to purchase 65% of two insurance companies controlled by Banco Bpm: Banco Bpm Assicurazioni and Vera Assicurazioni. A 260 million euro operation which gives the assets a total value of 400 million.
The agreement provides the acquisition by Credit Agricole Assurances of the 65% stake in Banco Bpm and (after the repurchase by the bank of the stake currently held by Cattolica Assicurazioni) also of the 65% stake in Vera Assicurazioni, which in turn holds the entire share capital of Vera Protezione.
The commercial partnership
As explained in a note from the two companies, the agreement also provides for the start of a 20-year commercial partnership. “Thanks to this agreement, we have been able to fully exploit the potential of our Non-Life-Protection sector, building on the positive experiences gained in a success story like that of Agos”, said the CEO of Banco Bpm Giuseppe Castagna.