
MILAN (Reuters) – Italy’s third-largest bank Banco BPM said on Tuesday it would acquire full ownership of its insurance partnership with Covea by buying its French partner’s 81% stake in the venture.
The move comes days after French bank Credit Agricole bought 9.2% of Banco BPM to become its single biggest shareholders and said it aimed to broaden the scope of their strategic partnerships – currently centred on consumer finance.
Banco BPM had said it would in-house its insurance business as a part of a multi-year plan that aims to make fees the group’s main profit driver.
(Reporting by Andrea Mandala; editing by Valentina Za)
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