Insurance company Cattolica Assicurazioni has submitted a non-binding offer for the life insurance businesses of Italian banking group UBI Banca.

Cattolica Assicurazioni CEO Alberto Minali told Reuters that offer was filed last month.

To acquire UBI Banca’s life insurance operations, Cattolica Assicurazioni is also competing with other bidders including CNP Assurances.

“We are working to present a binding offer in the next few weeks,” Minali told the publication.

UBI Banca, which is said to be the fifth-largest bank in Italy, is looking to divest approximately 60-70% of the unit. The deal is expected to value the business at approximately €1bn.

The business put on sale includes stakes in a series of joint venture (JV) platforms with the likes of British insurer Aviva, people familiar with the development told Reuters.

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.

Based in Verona, Cattolica Assicurazioni offers bancassurance insurance plans. Through the deal, it is planning to get grip over its existing life insurance partnership with UBI along with the other assets.

UBI has hired KPMG to find a suitable buyer through auction process. The Italian bank seeks to receive binding bids towards the end of September, one of the sources told the publication.