MILAN Aug 6 Italy's fifth-biggest bank UBI
said on Wednesday it would restructure an existing
joint venture with Ageas Group and BNP Paribas Cardif in
non-life insurance products that will boost the lender's Common
Equity Tier 1 ratio by 7 basis points.
Under the agreement, UBI Banca will transfer its stake in
UBI Assicurazioni to Ageas and BNP Paribas Cardif. The
parties have also signed a new agreement for the distribution of
UBI Assicurazioni's products, the bank said in a statement.
"The transaction will involve a net gain of approximately 27
million euros ($36.09 million), which, together with the
reduction in risk weighted assets relating to the stake
transferred, will result in a benefit in terms of the CET1 ratio
of approximately 7 basis points," it said.
(1 US dollar = 0.7482 euro)
(Reporting by Agnieszka Flak; Editing by Oleg Vukmanovic)