Credit score Agricole Italy is considering investing within the insurance coverage actions of Banco BPM, the French banking group’s Italy head mentioned on Monday.
Banco BPM has exercised a name possibility to realize full possession of its insurance coverage joint-venture with France’s Covéa, in step with a method to carry insurance coverage operations in home.
Nevertheless, Italy’s third-largest financial institution has mentioned it’s going to additionally take into account affords from potential new companions in mild of the curiosity its insurance coverage belongings have drawn.
Credit score Agricole is the only greatest investor in Banco BPM having just lately acquired a 9.2% stake with a view to increasing strategic partnerships which might be at the moment targeted on shopper credit score.
Talking on the sidelines of a convention, CEO Giampiero Maioli mentioned Credit score Agricole Italy would try to supply one of the best phrases for the insurance coverage belongings.
“We’ve expressed an curiosity and we’ll see what Banco BPM decides to do, whether or not they’ll decide a associate or simply carry the enterprise in home,” Maioli mentioned.
“That will probably be as much as the financial institution … we’ll attempt to provide, if circumstances permit it, one of the best situations.”
Requested about whether or not Credit score Agricole Italy might additionally take into account nearer asset administration ties with Banco BPM, Maioli dominated out any curiosity for Anima, the asset supervisor which is one fifth owned by Banco BPM.
“There may be nothing that considerations us in relation to Anima. Proper now, we’re targeted on the ‘bancassurance’ difficulty,” he mentioned.
(Reporting by Andrea Mandala; writing by Valentina Za; enhancing by Cristina Carlevaro and Mark Potter)
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