The partnership between Cattolica Assicurazioni and Iccrea Banca it will continue until 2022. This is what the Boards of Directors of the two companies have resolved, also defining the reorganization of the joint ventures and a new shareholders' agreement. In particular, the acquisition by Cattolica of a further 19% of the share capital of BCC Vita and BCC Assicurazioni was decided, with an increase to 70% of the shareholding held in both and consequent reduction to 30% of the stake in Iccrea , for a total consideration of Euro 42,46 million.
Also agreed a new business plan, which envisages the continuation of the intermediation of the insurance products of the joint ventures through the cooperative credit banks belonging to the Iccrea Cooperative Banking Group and the assumption, by the parent company Iccrea Banca, "of specific promotional commitments, according to a revised commercial plan and mainly focused on the profitability and competitiveness of catalog products, quality of service to member banks and greater penetration among customers".
At expiration, the agreements will be renewed automatically for further periods of 12 months, without prejudice to the right to renegotiate its contents and duration or, alternatively, to terminate the partnership through the exercise of symmetrical call and put options valid on the entire investment held by Cattolica (70%), at predetermined conditions and prices, and subject to obtaining the necessary authorisations. The signing of the new agreements will be formalized in the coming days, while their effective execution (including the purchase of 19% of the joint ventures) is tentatively expected by the end of the current month of July.
“We are very proud – commented the CEO of Cattolica Alberto Minali – of having reached an agreement for the renewal of the partnership with Iccrea, a sign of mutual satisfaction with the results achieved together in recent years. Bancassurance is an important element of our industrial strategy. This is demonstrated by the renewal of this commitment with one of our historical partners, which has now become a Group, as well as the increased participation in this joint venture. Thanks to the widespread and effective presence of Iccrea in the area, we expect a further improvement in customer service".
"The partnership launched with Cattolica Assicurazioni in 2008 - said Mauro Pastore, General Manager of Iccrea Banca - was, for the Iccrea Group and the BCCs, a strategic lever for presenting an adequate offer to households and private customers of the Banks. With the launch of the Iccrea Cooperative Banking Group, we are renewing this partnership with the aim of increasing customer service and offering even more competitive products and services in all the territories of the BCCs belonging to the Group”.
