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Unione di Banche Italiane ScpA and Aviva Group redefine their strategic partnership in the life banc assurance sector

Wednesday, 16 Apr 2014 02:27am EDT 

Unione di Banche Italiane ScpA:Has signed a series of agreements with the Aviva Group to redefine the existing joint venture in the sector of the distribution of life insurance products.On the basis of the agreements reached, the parties have agreed the extension until Dec. 31, 2020 of the duration of the existing commercial distribution agreements in force (expiring in 2015).The acquisition by UBI Pramerica of the management of Aviva Vita Spa's technical reserves, presently amounting to approximately 3 billion euros.The simplification of the ownership structure for the two joint ventures Aviva Vita SpA and Aviva Assicurazioni Vita SpA.UBI Banca will sell 30 percent of the two joint ventures to Aviva and will remain with a stake of approximately 20 percent in the share capital of each one, thereby realising a net gain of approximately 57 million euros.The repurchase by UBI Banca of all the stakes held by subsidiaries of Aviva Italia Holding Spa in Banca Popolare Commercio e Industria, Banca Popolare di Ancona and Banca Carime.The price of this repurchase will be 327 million euros, in line with the fair value of the subsidiaries. 

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