• Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends
Close Search
00
GBAF LogoGBAF Logo
  • Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends
GBAF Logo
  • Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Wealth
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    ;
    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Business

    Posted By Uma Rajagopal

    Posted on September 26, 2024

    Featured image for article about Business

    MILAN (Reuters) – UniCredit has told Allianz and CNP Assurances that it will buy their stakes in the life insurance joint ventures it runs with them as it brings the business in house, it said on Wednesday.

    The decision follows regulatory changes that render permanent capital relief measures known as ‘Danish compromise’ for banks that own insurance businesses. UniCredit will continue to partner with Alliance in non-life, it said in a statement.

    The announcement comes as Italy’s No.2 bank has come under fire in Germany for building a close to 21% stake in Commerzbank and is seeking takeover talks.

    UniCredit said it had told Allianz and CNP Assurances that it would exercise the call option allowing the Italian bank to gain full control of the ventures it has with its two insurance partners.

    In order to do so, UniCredit will buy from CNP Assurances its 51% stake in their CNP UniCredit Vita joint venture. Similarly, it will buy from Allianz the 50% stake the insurer holds in the UniCredit Allianz Vita venture.

    The price to be paid for UniCredit to gain full ownership of CNP UniCredit Vita will be determined based on methodologies the two partners previously agreed, it said.

    The accord with Allianz meanwhile envisages hiring a third party expert to determine the price of the stake UniCredit is repurchasing.

    The two transactions are expected to close in 2025.

    (This story has been corrected to show that the stake in UniCredit Allianz Vita being repurchased by the bank is 50%, not 51%, in paragraph 5)

    (Reporting by Valentina Za; Editing by Emelia Sithole-Matarise)

    Recommended for you

    • Thumbnail for recommended article

    • Thumbnail for recommended article

    • Thumbnail for recommended article

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe