Credit Agricole Italy is in investing in the insurance coverage actions of Banco BPM, the French banking group’s Italy head mentioned on Monday.
Banco BPM has exercised a name choice to realize full possession of its insurance coverage joint-venture with France’s Covéa, in line with a technique to carry insurance coverage operations in home.
However, Italy’s third-largest financial institution has mentioned it’s going to additionally think about gives from potential new companions in gentle of the curiosity its insurance coverage belongings have drawn.
Credit Agricole is the only greatest investor in Banco BPM having just lately acquired a 9.2% stake with a view to increasing strategic partnerships which might be at present targeted on shopper credit score.
Speaking on the sidelines of a convention, CEO Giampiero Maioli mentioned Credit Agricole Italy would attempt to supply the most effective phrases for the insurance coverage belongings.
“We’ve expressed an interest and we’ll see what Banco BPM decides to do, whether they’ll pick a partner or just bring the business in house,” Maioli mentioned.
“That will be up to the bank … we’ll try to offer, if circumstances allow it, the best conditions.”
Asked about whether or not Credit Agricole Italy might additionally think about nearer asset administration ties with Banco BPM, Maioli dominated out any curiosity for Anima, the asset supervisor which is one fifth owned by Banco BPM.
“There is nothing that concerns us in relation to Anima. Right now, we’re focused on the ‘bancassurance’ issue,” he mentioned.
(Reporting by Andrea Mandala; writing by Valentina Za; modifying by Cristina Carlevaro and Mark Potter)
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Credit Agricole Italy Weighs Investing in Banco BPM’s Insurance Business & More Latest News Update
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