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May 24, 2022

Credit Agricole Italy keen to invest in insurance business of Banco BPM

Credit Agricole Italy is keen on investing in insurance operations of Italian lender Banco BPM, reported Reuters.

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As part of a strategy to bring insurance activities within its control, Banco BPM has exercised a call option in an effort to gain complete ownership of its insurance joint-venture with France-based COVEA.

Banco BPM, which is a leading bank in Italy, has stated that it will also look at offers from potential new partners in the wake of interest being generated for its insurance assets.

With the recent acquisition of 9.2% stake in Banco, Credit Agricole has become its single biggest investor and plans to expand strategic partnerships with focus on consumer credit.

Credit Agricole Italy CEO Giampiero Maioli said the firm would work to offer the best terms for Banco BPM’s insurance assets.

Maioli added:  “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.”.

“That will be up to the bank … we’ll try to offer, if circumstances allow it, the best conditions.”

On the sidelines of a conference, the news agency asked Maioli whether Credit Agricole Italy would also explore closer asset management links with the Italian lender, he, however, ruled out any interest for Anima, the asset manager in which Banco BPM owns one-fifth of the shares.

He added: “There is nothing that concerns us in relation to Anima. Right now we’re focused on the ‘bancassurance’ issue.”

In April, it was reported that the Italian bank was considering potential partnerships for its insurance business.

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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