View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
August 13, 2019

Italy’s Cattolica submits bid for UBI’s insurance business

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.

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.

Topics in this article: , ,
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Life Insurance International