MUNICH (dpa-AFX) - Italian lender UniCredit SpA (UCG, UNCFF.PK) said that it has initiated the process of internalizing its life bancassurance business in Italy by terminating its existing agreements with CNP Assurances S.A. and Allianz S.p.A. This involves exercising its rights to acquire CNP Assurances' 51% stake in CNP UniCredit Vita S.p.A. and Allianz's 50% stake in UniCredit Allianz Vita S.p.A.
Upon closing, UniCredit will hold 100% in CNP UniCredit Vita S.p.A and UniCredit Allianz Vita S.p.A.
UniCredit noted that the existing structure of the non-life bancassurance business will remain unaffected and will continue to operate through the joint ventures with Allianz under the terms announced to the market in January 2022.
Closing of the transactions is subject to the standard authorizations by the competent authorities and is expected in 2025.
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