Banco BPM: towards partnership with Crédit Agricole

(CercleFinance.com) - Crédit Agricole has announced that its subsidiary Crédit Agricole Assurances (CAA) has signed a memorandum of understanding with Banco BPM (BBPM) to provide non-life insurance products and related services through BBPM's distribution networks.


BBPM will bring its banking experience and distribution capabilities in Italy, and CAA will bring its expertise in non-life (property and casualty, health, etc.) and creditor insurance products and services to BBPM's customers in Italy.

In addition to the 20-year distribution agreement, the proposed transaction's structure provides for CAA to acquire 65% of the capital of Vera Assicurazioni and Banco BPM Assicurazioni from BBPM.


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