November 3, 2017 / 7:53 PM / a year ago

BRIEF-Banco Bpm to sell 65 pct stake in Avipop and Popolare Vita to Cattolica for Euro 853.4 mln

Nov 3 (Reuters) - Banco Bpm

* Banco Bpm-‍reached agreement for sale of a 65% stake in Avipop Assicurazioni and popolare vita to Cattolica Assicurazioni, for euro 853.4 million​

* Banco Bpm says ‍cattolica will have management control of insurance companies. Banco bpm will keep holding veto powers on significant strategic matters​

* Banco Bpm says ‍Cattolica will finance this transaction with internal resources and by accessing debt capital markets.​

* Banco Bpm says ‍transaction will be accretive on Cattolica's earnings, while designed financing structure will preserve its solid capital ratios​

* ‍Cattolica will appoint CEO of insurance companies, while Banco Bpm will appoint general manager​ Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below