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Italy’s Cattolica says submitted provide for UBI’s insurance coverage arm

MILAN, Aug 9 (Reuters) – Italy’s Cattolica Assicurazioni has offered a non-binding provide for the life insurance coverage companies of UBI Banca, Chief Govt Alberto Minali stated on Friday.

Minali stated the provide was offered in June and that Cattolica was vying with different bidders for the division.

“We’re working to current a binding provide within the subsequent few weeks,” Minali stated.

Italy’s fifth-largest financial institution is trying to promote roughly 60-70% of the unit which incorporates stakes in a collection of three way partnership platforms with the likes of British insurer Aviva, sources have advised Reuters.

Primarily based in Verona, Cattolica Assicurazioni focuses on bancassurance merchandise and is hoping to take management of its current life insurance coverage partnership with UBI in addition to the opposite belongings on the market, the sources stated.

UBI has employed KPMG to public sale off the belongings and desires to obtain binding bids in direction of the top of September, one of many sources stated.

Minali stated any deal must be “worth accretive” for Cattolica and primarily based on an inexpensive monetary valuation of UBI’s enterprise enterprise. (Reporting by Silvia Aloisi, enhancing by Isla Binnie)

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