Credit Agricole Assurances (CAA) will buy a 65% stake in Banco BPM Assicurazioni. Credit: aymane jdidi from Pixabay.

Italian financial services firm Banco BPM has signed a binding agreement with French peer Credit Agricole for a long-term bancassurance partnership in the non-life insurance space.

The agreement will see Credit Agricole Assurances (CAA) buy a 65% stake in Banco BPM Assicurazioni, the Italian bank’s non-life insurance company, for €260m.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The deal also includes a distribution agreement for non-life insurance products via Banco BPM’s networks for 20 years.

In April this year, Credit Agricole acquired a 9.18% stake in the Italian banking group to expand its banking partnership currently focused on consumer finance via the joint-venture Agos.

For the latest non-life partnership, Credit Agricole outbid insurance major AXA, Reuters has reported.

Banco BPM CEO Giuseppe Castagna said: “We are extremely satisfied with the agreement reached with Crédit Agricole. The partnership with CAA will allow Banco BPM to leverage on the industrial expertise of the largest European player in the bancassurance sector.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Thanks to this partnership Banco BPM will be able to fully enhance its potential in the Non-Life/Protection sector, building on the positive experiences gained in the Agos success story”.

The acquisition is anticipated to have a 13 bps fully loaded adjusted positive impact on Banco BPM’s CET1 ratio, the bank noted. 

Subject to customary closing conditions and receipt of regulatory approval, the deal is expected to complete by the end of 2023. 

Last week, Italian specialist pension fund Enasarco acquired a 1.97% stake in Banco BPM.