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Aviva simplifies its Italian joint ventures


Wednesday, 16 Apr 2014 02:00am EDT 

Aviva PLC:Reached agreements with UBI Banca S.c.p.a. and UniCredit S.p.A to restructure its life joint ventures in Italy.Says it has two joint ventures with UBI Banca, one owned 50 pct by Aviva, and one owned 50 pct by Aviva S.p.A., itself a joint venture between UniCredit and Aviva.In addition, Aviva S.p.A. owns minority equity investments in three of UBI Banca's subsidiary banks.Transaction is significant simplification of Aviva's life business in Italy.As part of the restructuring, Aviva will increase its holding to 80 pct of the joint ventures that offer products to UBI Banca customers, with UBI Banca owning 20 pct.Aviva's distribution agreement with UBI Banca will be extended from 2015 to 2020, focused on savings and life protection products.Aviva S.p.A. will also sell the minority equity investments to UBI Banca.As a result, the indirect relationship between UniCredit and UBI Banca will be decoupled.Aviva S.p.A., which will continue to be owned 51 pct by Aviva, will enter into a new five year distribution agreement with UniCredit offering selected products, and increased capital efficiency.Says it will make balancing payment of about 25 mln pounds to fund the transaction.Transaction is expected to be broadly neutral to Aviva plc's economic capital and IFRS NAV at completion. 

Company Quote

492.3
-2.7 -0.55%
22 Dec 2014