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Ageas SA and BNP Paribas Cardif take full ownership of UBI Assicurazioni SpA

Wednesday, 6 Aug 2014 01:25am EDT 

Ageas SA:Announces that together with BNP Paribas Cardif have reached an agreement with UBI Banca to acquire the remaining 50 percent - 1 share in the share capital of UBI Assicurazioni (UBIA), for a total amount of 75 million euros subject to a closing adjustment.This transaction completes the 2009 joint acquisition of the majority stake in UBIA.Says on completion, BNP Paribas Cardif and Ageas will jointly own 100 percent of UBIA with Ageas holding 50 pct + 1 share, and BNP Paribas Cardif 50 pct - 1 share.Says both shareholders agreed to further expand UBIA's activities in Italy, in order to continue the development of non-life insurance products and services, including car and household insurance.At the same time, UBI Banca has agreed to renew and extend its long term distribution agreement with UBIA.This transaction is subject to regulatory approval and is expected to close in 2014. 

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