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Abstract:MILAN (Reuters) – Italy‘s third-largest bank Banco BPM said on Tuesday it would acquire full ownership of its insurance partnership with Covea by buying its French partner’s 81% stake in the venture.
div classBodysc17zpet90 cdBBJodivpMILAN Reuters – Italy‘s thirdlargest bank Banco BPM said on Tuesday it would acquire full ownership of its insurance partnership with Covea by buying its French partner’s 81 stake in the venture.p
pThe move comes days after French bank Credit Agricole bought 9.2 of Banco BPM to become its single biggest shareholders and said it aimed to broaden the scope of their strategic partnerships – currently centred on consumer finance.pdivdivdiv classBodysc17zpet90 cdBBJodiv
pBanco BPM had said it would inhouse its insurance business as a part of a multiyear plan that aims to make fees the groups main profit driver.p
p
pp Reporting by Andrea Mandala editing by Valentina Zap
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