Cattolica Insurance e Iccrea Banca have started an exclusive negotiation period to modify their partnership, "sharing - reads a note - the essential terms for the renewal of the existing agreements and expiring on July 15, 2019".
On the basis of the preliminary agreement, the parties will define new three-year shareholder agreements related to companies Bcc Life e Bcc Insurance.
In particular, Cattolica will acquire a further 19% of the share capital of Bcc Vita and Bcc Assicurazioni, reaching 70% of equity in both joint ventures and thereby reducing 30% of Iccrea shares.
Furthermore, the parties will undertake to intensify the structuring and promotion activities of the insurance products of the joint ventures to increase the levels of profitability, reduce the level of risk and increase penetration among customers.
At the same time, Iccrea Banca, also on behalf of the Iccrea cooperative banking group currently being set up, will promote the products of the two joint ventures with the banks of the group, in compliance with the guidelines of the cohesion contract with the mutual banks.
The preliminary agreement will be formalised by February 7th.
