09/25/2024 – 12:39
UniCredit announced on Wednesday, the 25th, the acquisition of a majority stake in the Italian units of insurers CNP Assurances and Allianz, in what it described as a process to “fully internalize life insurance in Italy”. In a statement, the bank reported that it is exercising its acquisition right after a “long-term partnership” and that it intends to complete the process in 2025.
The full acquisition by UniCredit will involve the purchase of 51% of the shares of the French CNP Assurances in the CNP UniCredit Vita (CUV) unit and 50% of the shares of the German Allianz in the UniCredit Allianz Vita (UAV) unit.
The purchase price of the equity interest will be determined with each party based on their original agreements and will be negotiated in cash.
“Internalizing the insurance sector in Italy will allow accelerated growth of the commission-focused sector, with attractive profits for UniCredit and strengthening of the service offered,” says the Italian bank.
Upon closing the purchase in 2025, UniCredit will own 100% of the shares in both the CUV and UAV units, the statement clarifies.
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