Unipol hikes stake in BNL Vita bancassurance jv to 51 pct |
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Tue, 31 Jul 2007 18:22
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MILAN (Thomson Financial) - Unipol Compagnia Assicuratrice SpA said it has bought 1 pct in the joint venture BNL Vita, paying its partner BNP Paribas unit Banca Nazionale del Lavoro 5.9 mln eur and hiking its stake to 51 pct.The acquisition of the 1 pct stake is part of the Feb 2006 agreement between Unipol and BNP, under which BNL Vita sells life insurance products via the 700-strong BNL branch network, it said.'With this operation, Unipol consolidates its own position in the bancassurance business along the lines of the strategy and targets set in its 2006-2009 business plan,' it said.The price for the 1 pct BNL Vita stake was determined by Fox-Pitt, Kelton Ltd, it said.In 2006, BNL Vita had a net profit of 54.9 mln eur and gross premiums of 3.148 bln eur, it said.nigel.tutt@thomson.comnt/lamCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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