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Report: CNP Assurances, Cattolica bidding for UBI Banca's insurance business

European bidders, including Paris-based CNP Assurances SA and Verona, Italy-based Società Cattolica di Assicurazione SC are looking to acquire a controlling stake in the insurance arm of Bergamo, Italy-based Unione di Banche Italiane SpA, Reuters reported, citing sources.

UBI Banca intends to sell about 60% to 70% of its life insurance-focused unit and intends to receive binding bids at the end of September, according to the report, citing sources. The unit focuses on life insurance and includes stakes in joint venture platforms with Cattolica and Aviva PLC. UBI Banca is reportedly looking to bundle the assets under a holding company, and selling a majority stake in the division to raise €600 million to €800 million.

KPMG has reportedly been hired to auction off the assets and the potential deal is expected to value the business at about €1 billion.

Sources said Italian financial services company Unipol Gruppo SpA was earlier interested in acquiring the assets but later decided against bidding.