The boards of directors of CNP Assurances and UniCredit have approved the terms of a memorandum of understanding concerning the adjustments to be made to the agreements regarding their joint venture company CNP Capitalia Vita.
In February 2005, CNP Assurances acquired 57.5% of Fineco Vita, which has since been renamed CNP Capitalia Vita. The Capitalia Group retained a 38.8% interest in the company. CNP Capitalia Vita signed long term distribution agreements with the Capitalia Group banks – Banca di Roma, Banco di Sicilia, Bipop Carire and Fineco Bank – backed by a shareholders’ agreement signed at the time of its acquisition by CNP Assurances.
Following the merger of Capitalia into UniCredit, CNP Capitalia Vita will maintain its overall sales potential in the new organizational structure of UniCredit Group, with exclusive distribution rights to the Banca di Roma and Banco di Sicilia networks, according to the new perimeters to be fixed.
Starting from January 2008, a flexible range of products consistent with the rest of the UniCredit group life insurance offer and its overall marketing policy is being launched, with a promotional focus on unit-linked rather than index-linked products. In addition, CNP Capitalia Vita will continue to develop its loan insurance and personal insurance offers.