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Banco BPM, Società Cattolica enter talks to finalize bancassurance partnership

Banco BPM SpA and Italian insurer Società Cattolica di Assicurazione -Società Cooperativa entered into a two-week period of exclusive negotiations to finalize a potential bancassurance partnership agreement.

Under the terms of the partnership, Società Cattolica would acquire a majority stake in two of Banco BPM's insurance firms — Popolare Vita SpA, which is jointly owned with Unipol Gruppo SpA, and Avipop Assicurazioni, a joint venture in which Aviva sold its entire stake to Banco BPM — as well as an agreement to distribute life and P&C insurance products.

The transaction is subject to customary approvals, such as the signing of the legal documentation and regulatory clearance.