Italian bank UniCredit has signed a multi-country framework agreement with German insurance giant Allianz to bolster their collaboration.

The new agreement builds on the two firms existing bancassurance partnership that was formed in 1996.

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According to a statement, the new agreement encompasses UniCredit’s footprint in Italy, Germany, Central and Eastern Europe.

It seeks to make investments in integrating the digitalisation of the processes of the two firms.

Additionally, the agreement provides the companies to cooperate in the insure-banking business enabling UniCredit to offer banking products to customers on Allianz’s open platform in multiple countries.

The two companies are expected to sign two agreements related to the arrangements in Italy and in Germany.

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UniCredit CEO Andrea Orcel said: “This agreement, which marks a step forward in the execution of our plan, is a testament to what can be created through a true, strong and effective partnership.

“It joins together best-in-class product offerings, innovation and technological integration for the mutual benefit of our respective clients, underscoring our commitment to this sector. It is a blueprint for how we intend to streamline our joint ventures and maximize the benefits of all future partnerships.”

Allianz CEO Oliver Bäte said: “We are delighted to continue and deepen our successful partnership with UniCredit. I look forward to securing the future of our joint customer base with world-class products and services.”

Last year, Allianz completed the acquisition of Aviva Group’s operations in Poland and Lithuania for $2.9bn.