CNP Assurances and UniCredit Agree the Framework for Their New Partnership Through...

CNP Assurances and UniCredit Agree the Framework for Their New Partnership
Through Their Joint Italian Subsidiary, CNP Capitalia Vita

MILAN, Italy and PARIS, January 22 /PRNewswire-FirstCall/ -- The Boards
of Directors of CNP Assurances and UniCredit have approved the terms of a
Memorandum of Understanding concerning the adjustments to be made of the
agreements regarding their joint venture company CNP Capitalia Vita.
On 17 February 2005, CNP Assurances acquired 57.5% of Fineco Vita, which
has since been renamed CNP Capitalia Vita. The Capitalia Group retained a
38.8% interest in the company. CNP Capitalia Vita signed exclusive long term
distribution agreements with the Capitalia Group banks - Banca di Roma, Banco
di Sicilia, Bipop Carire and Fineco Bank - backed by a shareholders'
agreement signed at the time of its acquisition by CNP Assurances.
Following the merger of Capitalia into UniCredit, in order to meet the
bank's rationalisation and development goals in Italy, as well as favour the
growth and enhance the competitiveness and the value of the joint venture,
the agreements will be implemented based on the following principles:
- CNP Capitalia Vita will maintain its overall sales potential in the new
organisational structure of UniCredit Group, with exclusive distribution
rights to the Banca di Roma and Banco di Sicilia networks, according to the
new perimeters to be fixed;
- Starting from January 2008, a flexible range of products consistent
with the rest of the UniCredit group life insurance offer and its overall
marketing policy is being launched, with a promotional focus on unit-linked
rather than index-linked products. In addition, CNP Capitalia Vita will
continue to develop its loan insurance and personal insurance offers.
UniCredit and CNP Assurances are pleased to announce this agreement,
which will implement their partnership.
Disclaimer
Some of the statements contained in this press release may be
forward-looking statements referring to projections, future events, trends or
objectives which, by their very nature, involve inherent risks and
uncertainties. Actual results could differ materially from those currently
anticipated in such statements by reason of factors such as changes in
general economic conditions and conditions in the financial markets, legal or
regulatory decisions or changes, changes in the frequency and amount of
insured claims, particularly as a result of changes in mortality and
morbidity rates, changes in surrender rates, interest rates, foreign exchange
rates, the competitive environment, the policies of foreign central banks or
governments, legal proceedings, the effects of acquisitions and the
integration of newly-acquired businesses, and general factors affecting
competition.
Further information regarding factors which may cause results to differ
materially from those projected in forward looking statements is included in
CNP Assurances' filings with the Autorite des Marches Financiers. CNP
Assurances does not undertake to update any forward-looking statements
presented herein to take into account any new information, future event or
other factors.
UNICREDIT

Investor Relations:
+39-02-88628715
E-mail: InvestorRelations@unicreditgroup.eu

Media Relations:
+39-02-88628236
E-mail: MediaRelations@unicreditgroup.eu

CNP ASSURANCES

Investor and Analyst Relations:
Brigitte MOLKHOU
+33(0)1-42-18-77-27
E-mail: infofi@cnp.fr

Press Relations:
Sophie Messager
+33(0)1-42-18-86-51
E-mail: servicepresse@cnp.fr

SOURCE CNP Assurances

UNICREDIT, Investor Relations: +39-02-88628715, E-mail:
InvestorRelations@unicreditgroup.eu; Media Relations: +39-02-88628236, E-mail:
MediaRelations@unicreditgroup.eu; CNP ASSURANCES, Investor and Analyst
Relations: Brigitte MOLKHOU, +33(0)1-42-18-77-27, E-mail: infofi@cnp.fr; Press
Relations: Sophie Messager, +33(0)1-42-18-86-51, E-mail: servicepresse@cnp.fr