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Creval completes bancassurance restructure

Credito Valtellinese SpA secured authorization to complete the reorganization of its insurance businesses and the appropriate shareholding transfers as part of the deals it made in July with Crédit Agricole Assurances SA and Ri.Fin. SrL.

Based on Sept. 30 data, the restructuring of Creval's bancassurance business had a positive impact of 45 basis points on its fully loaded common equity Tier 1 ratio.

As part of the 15-year partnership framework, Stelvio Agenzia Assicurativa SpA, formerly Global Assicurazioni SpA, the life insurance brokerage agency is now wholly owned by Crédit Agricole Assurances. It will select life insurance products to be distributed through Creval's network.

Insurance brokerage agency Global Assicurazioni, formerly Nuova Global Agenzia Assicurazioni SpA, is now wholly owned by Ri.Fin. It will select property and casualty products to be distributed through Creval's network.

Creval paid Ri.Fin €37.5 million and received €70 million from Crédit Agricole Assurances for transferring 100% of Global Assicurazioni.

Global Broker SpA is now jointly owned by Creval and Ri.Fin, with 30% and 70% stakes, respectively. It will continue to be in charge of insurance products for Creval's small and medium enterprise clients.

Global Assistance SpA, the property and casualty insurance company, is now 100% owned by Ri.Fin.

Crédit Agricole Assurances is owned by Crédit Agricole Group.