Insurer Aviva PLC (AV.LN) said Friday it is selling its 50% stake in its Italian joint venture to its partner Banco BPM SpA (BAMI.MI) for an undisclosed sum, as the bank doesn't plan to renew their bancassurance agreement.
Under the original deal agreed in 2007 Aviva had the option to sell its shareholding back to the bank should it end the distribution deal. Aviva is therefore now selling the joint venture, Avipop Assicurazioni SpA and its wholly owned subsidiary Avipop Vita SpA.
Aviva said it will announce the final value in due course.
The joint venture is owned by Aviva and Banco BPM and, together with Avipop, distributes life and general insurance products in Italy through Banco BPM's bank branch network.
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(END) Dow Jones Newswires
August 25, 2017 03:41 ET (07:41 GMT)