Banco BPM to acquire an 81% stake in Bipiemme Vita from Covéa for $327m.

Banco BPM, a bank, agreed to acquire an 81% stake in Bipiemme Vita, an insurance company operating in the life sector, from Covéa for $327m. The transaction marks an acceleration in the strategy of Banco BPM Group's 2021-2024 Plan announced to the market on 5 November 2021, which envisaged the internalisation of the insurance business by the end of 20231, and is incorporated in the agreements with the Covéa Group, as amended on 25 June 2021, which recognise Banco BPM's right to purchase, through the exercise of a call option, 100% of the share capital of Bipiemme Vita in the period between 8 September 2021 and 31 December 2023.