(Finance) – Banco BPM has completed the purchase from Covéa Coopérations of 81% of the share capital of Bipiemme Vita, for a consideration of 309.4 million euros. The completion of the transaction follows the exercise of the purchase option, communicated on 12 April, which allowed the bank to acquire 100% of the share capital. Bipiemme Vita, an insurance company operating in the life branch, in turn holds 100% of the capital of Bipiemme Assicurazioni, operating in the non-life branch.
Actions to guarantee have been started the adaptation of governance of the companies to the changed structure of the corporate structure, extending organizational principles to them of the Banco BPM group, we read in a note. These interventions are functional to the group’s intention to obtain the recognition of the status of “financial conglomerate” and to access the benefits in the prudential treatment of the equity investment deriving from the application of the so-called Danish Compromise.