At the end of a competitive process between primary insurance operators, the Banco BPM, led by Giuseppe Castagna, chose the Credit Agricole Assicurances SA as a possible partner in Damage branch/Protection and granted the company of the French group a period of exclusivity.
CREDIT AGRICOLE PROCESSES THE PURCHASE OF THE MAJORITY OF THE NON-LIFE BRANCH OF BANCO BPM
The purpose of the exclusive negotiation is - as explained in a note issued by Banco BPM after yesterday's board of directors - the "negotiation and definition of the terms and conditions of the potential purchase by Credit Agricole Assurances SA of a majority stake respectively in Banco BPM Assicurazioni and, subject to the repurchase by the Bank, of Vera Insurance which, in turn, holds 100% True Protection. with the launch of a potential long-term partnership in the Non-Life/Protection sector”.
If the negotiations go smoothly, Credit Agricole, which in Italy is led by Giampiero Maioli, and which is already the first shareholder of Banco BPM with a 10% stake and which controls various assets including Credito Valtellinese, will make a major leap in quality bancassurance and will further strengthen its presence in the Italian banking system of which it is already one of the main protagonists with constant growth over the years.
BANCASSURANCE: THE ADVANTAGES FOR BANCO BPM AND THOSE FOR CREDIT AGRICOLE
For Banco BPM, on the other hand, the decision to deal exclusively with Credit Agricole allows the valorisation of the Bancassurance sector and the strengthening of relations with its main shareholder, who in this case won a small all-French derby, given that among the suitors in the Non-Life/Protection branch of the Castagna bank there was also a giant in the sector such as Axa.
Finally, as regards the coveted Life business, Banco BPM has decided to continue internalisation, as envisaged in the latest industrial plan, which had been launched some time ago with the acquisition of the entire capital of Bipiemme Vita (today Banco BPM VIta) from Covea Cooperation SA.
We'll see today how it responds MY BAG where yesterday the Banco BPM share, which in 2022 is the most popular among Italian banks with an increase approaching 30%, gained 0,64% while on the Paris Stock Exchange the Credit Agricole share closed just below parity .
