MILAN, Nov 27 (Reuters) – BNP Paribas Cardif has bought a majority stake in the insurance arm of Italy’s BCC ICCREA under an agreement that will enable it to sell life insurance through the cooperative group’s banks for 15 years, the two companies said on Monday.
Under the deal, the unit of French bank BNP Paribas (BNPP.PA) will buy 51% of BCC Vita, ICCREA’s insurance arm, with the option to acquire a further 19%.
ICCREA is the second largest Italian banking group by number of branches, after Intesa Sanpaolo.
BNP Paribas Cardif will distribute its life insurance products exclusively through ICCREA’s 116 cooperative banks, (BCCs), strengthening its position in Italy
Reporting by Cristina Carlevaro, editing by Gavin Jones and Kirsten Donovan
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Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.