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.
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.
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“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.