Società Cattolica di Assicurazioni S.p.A. - Iccrea Banca S.p.A.
- Client:Società Cattolica di Assicurazioni S.p.A. - Iccrea Banca S.p.A.
- Transaction:
M&A - Date:April 2023
- Sector:
Financial institution
Società Cattolica di Assicurazioni S.p.A. - Iccrea Banca S.p.A.
- Deal description:
In line with the bancassurance agreements between Iccrea Banca S.p.A. ("Iccrea") and Società Cattolica di Assicurazioni S.p.A. ("Cattolica"), on October 14, 2022, Iccrea notified Cattolica of the termination of the existing commercial agreements for insurance distribution. On October 15, 2022, Cattolica itself then exercised its planned put option to sell 70% of its shares held in BCC Assicurazioni S.p.A. ("BCC Assicurazioni") and BCC Vita S.p.A. ("BCC Vita") to Iccrea.
BCC Assicurazioni and BCC Vita, respectively non-life and life insurance companies, represent the joint venture in the bancassurance sector between Iccrea Group and Cattolica.
The purpose of the mandate was for Vitale to carry out, on behalf of Iccrea and Cattolica, financial assistance and advisory activities aimed at determining the fair market value of BCC Vita and BCC Assicurazioni.
- Deal value:
n.a.