Under the deal, UniCredit will acquire 51% of the issued share capital of Italian P&C insurance firm Incontra.
Following the completion of the deal, UniCredit will sell 50% of Incontra to German insurance major Allianz, thereby replacing UnipolSai with Allianz as its partner.
For the sale, both UniCredit and Allianz have signed a different share purchase agreement.
Upon the closing of this deal, UniCredit’s stake in Incontra will increase from 49% to 50%.
Allianz will also own a 50% stake in Incontra, along with control of the company.
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The financial terms of both deals were not revealed and await customary authorisations from the relevant authorities.
They are anticipated to be completed by the end of this year.
According to UniCredit, the deals will have an insignificant capital impact on it.
In a statement, UniCredit said: “The underlying decision of UniCredit’s management is aligned with the strategic plan ‘UniCredit Unlocked’ aimed to simplify the current bancassurance set-up and to increase flexibility.
“This new agreement is fully coherent with the 2022 arrangements between UniCredit and Allianz.
“The completion of the sale and purchase between UnipolSai Assicurazioni and UniCredit shall terminate a fruitful partnership, which has been of satisfaction for both parties.”
The latest development follows a multi-country framework deal reached between UniCredit and Allianz in January last year.
The deal was aimed at strengthening collaboration between the firms.