BNP Paribas Cardif acquires majority stake in BCC Vita

BNP Paribas Cardif has acquired a majority stake in the insurance arm of BCC ICCREA, the unit of French lender BNP Paribas SA said on Monday.

Under the agreement, BNP Paribas Cardif will acquire 51% of BCC Vita, ICCREA’s insurance arm, with the option to buy an additional 19%.

The deal is to allow BNP Paribas Cardif to distribute its life insurance products exclusively via ICCREA’s 116 cooperative banks for a period of 15 years.

ICCREA is the second biggest banking group in Italy in terms of number of branches.

The shares of BNP Paribas SA (BNPP) were last losing 0.67% (EUR 0.38) to trade at EUR 56.65 in Paris on Monday, as they snapped a three-session string of gains.

The financial group’s total market cap now stands at EUR 64.947 billion.

The shares of BNP Paribas SA have risen 6.38% so far this year, following a 12.37% loss in 2022.