Banco BPM has completed two important operations in the field of bancassurance, which - states the banking group's press release - "will create one of the major Italian operators in the Life bancassurance sector, a strengthening of the wealth management product range, the expansion of the commission base and the increase in Life insurance assets (with greater synergies between the product factories)”.
Banco Bpm: acquisition of Vera Vita and Vera Financial completed
Going into more detail, Banco Bpm has perfected thepurchase of the entire share capital of Vera Vita and Vera Financial from Generali Italia, functional to the internalization of the Life insurance business, already started in July 2022 with the acquisition of exclusive control of the Banco BPM Vita company. The price paid to Generali Italia for the purchase of 65% of Vera Vita and Vera Assicurazioni was overall equal to 392,4 million euro, the bank reports. The deferred component of the price will be added to this amount, commensurate with 65% of the profits accrued by the companies from 1 January 2023 to 14 December 2023.
Banco Bpm: the alliance with Crédit Agricole is strengthened
Furthermore, the sale of the 65% stake in Banco BPM Assicurazioni to Crédit Agricole Assurances and, simultaneously with the repurchase of the same by the Bank, of 65% of Vera Assicurazioni which, in turn, holds the entire share capital of Vera Difesa. Thus begins the long-term strategic partnership with Crédit Agricole Assurances in the Non-Life/Protection sector, already announced in December 2022. The price paid by Crédit Agricole Assurances to the Banco BPM Group for the purchase of 65% of Banco BPM Assicurazioni and Vera Insurance was equal to 243,6 million euro.
