Paris/Rom The large French bank Credit Agricole is approaching the insurance business with the Italian Banco BPM. The deal involves the supply of property insurance products and related services through BBPM’s networks for a period of 20 years, the companies said on Friday.
Furthermore, Banco BPM’s Credit Agricole Assurances (CAA) will acquire 65% of the share capital of Vera Assicurazioni and Banco BPM Assicurazioni. Banco BPM said the deal would value the two insurers at €400m, meaning Credit Agricole would have to pay €260m for the acquisition.
Credit Agricole joined Banco BPM in the spring and now owns 9.18% of the third largest Italian bank after Intesa Sanpaolo and UniCredit.
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