BNP Paribas Cardif has acquired a majority stake in the insurance arm of BCC ICCREA, the unit of French lender BNP Paribas SA said on Monday.
Under the agreement, BNP Paribas Cardif will acquire 51% of BCC Vita, ICCREA’s insurance arm, with the option to buy an additional 19%.
The deal is to allow BNP Paribas Cardif to distribute its life insurance products exclusively via ICCREA’s 116 cooperative banks for a period of 15 years.
ICCREA is the second biggest banking group in Italy in terms of number of branches.
The shares of BNP Paribas SA (BNPP) were last losing 0.67% (EUR 0.38) to trade at EUR 56.65 in Paris on Monday, as they snapped a three-session string of gains.
The financial group’s total market cap now stands at EUR 64.947 billion.
The shares of BNP Paribas SA have risen 6.38% so far this year, following a 12.37% loss in 2022.
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