Banca Popolare di Milano and Fondiaria-SAI: reached an agreement for the joint development of the bancassurance business
Tuesday, November 29, 2005
- Banca Popolare di Milano and the Fondiaria-SAI Group reached an agreement for the joint development of their bancassurance activities;
- the agreement envisages the sale, by BPM, of 46% of Bipiemme Vita S.p.A.’s share capital to the Fondiaria-SAI Group at a price equal to Euro 94.3 million;
- the transaction could be completed through the acquisition of Bipiemme Vita’s control by the Fondiaria-SAI Group by June 30, 2007;
- the agreement also envisages the development of a partnership in the non-life business as well as the provision of Asset Management, Investment and Commercial Banking services to the Fondiaria-SAI Group by the BPM Group;
- the sale of the 46% stake, subject to all regulatory approvals, is expected to take place by the end of Q1 2006.
Today, the Board of Directors of Banca Popolare di Milano S.c.r.l. (“BPM” or the “Bank”) resolved to accept the offer extended by Fondiaria-SAI S.p.A. in connection to the joint development – under exclusivity terms – of BPM Group’s activity in the life bancassurance business, thus subscribing a Master Agreement containing the key principles of the project.
Please read the pdf document.