General insurer Aviva has sold 10.4 million shares in Banca Popolare Italiana and, as a result, has raised approximately E116 million, which will help fund the previously announced bancassurance partnership with Banco Popolare.
Aviva had made an announcement on June 21, 2007 saying that it expected to enter into a new bancassurance partnership in Italy with Banco Popolare, the new banking group to be created by the merger of Banca Popolare Italiana (BPI) and Banco Popolare di Verona e Novara.
According to Reuters, Aviva will pay E250 million to BPI under the long-term bancassurance deal.
Morgan Stanley acted as bookrunner for the sale.