French banking group Crédit Agricole said on 23 December it has signed a long-term partnership in Italy with Banco BPM for non-life and creditor insurance products and services.
Under the partnership, BBPM will bring its leading banking experience and distribution capabilities across Italy.
Credit Agricole will bring its expertise in innovative insurance products and services, offering customised property & casualty, health and protection insurance solutions to BBPM customers in Italy, and the efficiency of the European leader in bancassurance.
Beyond the establishment of a 20-year distribution agreement, the transaction structure envisages that CAA will acquire from BBPM 65% of the share capital of both Vera Assicurazioni and Banco BPM Assicurazioni.
Philippe Brassac, chief executive of Credit Agricole said: "We are very pleased that our long-standing strategic partnership with Banco BPM will soon be strengthened with the signing of an agreement between Banco BPM and Crédit Agricole Assurances (CAA). These partnerships further reinforce the rationale of our investment and our long-term commitment to Banco BPM."
Consistently with CAA's 2025 Medium-Term Plan, this agreement is another step to foster its international development through new distribution partnerships with financial and industrial players, it further said, building on its bancassurance expertise to expand in the growth segments of non-life and creditor insurance.
Philippe Dumont, deputy general manager of Crédit Agricole, head of insurance and CEO of CAA added: "We are pleased to have reached this agreement with a long-term partner of Credit Agricole and one of the strongest and most reputable banking group in Italy.
"Together with Banco BPM we have very high ambitions to develop an attractive product offering and value proposition to the benefit of all Banco BPM customers and stakeholders. This partnership will constitute a new major step in our international expansion strategy."
In a separate statement, the Italian bank said: "This exclusivity is aimed at negotiating and defining the terms and conditions of the potential purchase by Crédit Agricole Assurances of a majority stake in Banco BPM Assicurazioni and, subject to the repurchase by the bank, in Vera Assicurazioni, which, in turn, holds 100% of Vera Protezione, respectively, with the launch of a potential long-term partnership in the non-life/protection sector."
