BNP Paribas Cardif increases its stake in BCC Vita to 70% and extends its partnership with BCC Iccrea Group for life insurance in Italy to 2039
BNP Paribas Cardif, the insurance company of the BNP Paribas Group, and the BCC Iccrea Group, the largest Italian cooperative banking group with 111 Credit Cooperative banks, today announced that BNP Paribas Cardif has acquired an additional 19% stake in the life insurance company BCC Vita increasing its total shareholding to 70%. The transaction falls within the framework of the agreements signed in 2023 and marks the natural evolution of a partnership that has already demonstrated solid foundations and strong results.
After BNP Paribas Cardif’s acquisition of 51% of BCC Vita, the two partners have jointly built an effective and distinctive bancassurance model, designed to meet customers’ evolving insurance needs. The additional
19% acquisition reflects a shared long-term vision and mutual trust that has been consolidated over time.
The BCC Iccrea Group network, strongly rooted throughout Italy, represents an effective distribution asset for BCC Vita, enabling it to deliver high quality insurance solutions to a broad and diversified customer base.
“This new milestone reaffirms our commitment to the BCC Iccrea Group and further strengthens BNP Paribas Cardif’s presence in the Italian life insurance market. Our partnership is built on a strong model that combines our ability to support the banking network with close collaboration between our teams and BCC Iccrea Group’s local network, helping us respond effectively to customers’ needs,” said Pauline Leclerc-Glorieux, Chief Executive Officer of BNP Paribas Cardif.
“This transaction is the concrete confirmation of the value of a strategic choice in which we deeply believe,” said Alessandro Deodato, Chief Executive Officer of BNP Paribas Cardif in Italy. “When we started the partnership in BCC Vita two years ago, we did it with a clear vision and with the intention of embarking on a stable and lasting path together. With this further acquisition, we reaffirm our long-term commitment to the BCC Iccrea Group, one of the pillars on which the growth of BNP Paribas Cardif in Italy is based”.
“We are particularly pleased with how we have launched our partnership with BNP Paribas Cardif, and today we are extending it to allow our 111 BCCs to continue offering their members and customers one of the most comprehensive and competitive ranges of products in the life insurance sector in Italy,” concluded Mauro Pastore, General Manager of the BCC Iccrea Group –.
“The development of this partnership, as set out in the agreements signed in 2023, demonstrates the soundness of the strategic plan we had devised in the interests of our BCCs, which will now have a longer timeframe to consolidate their relationships with their communities and establish themselves as a key point of reference in this sector too”.
Through this transaction, BNP Paribas Cardif reinforces its commitment to the Italian insurance market and bancassurance. It also confirms BCC Vita’s role as a strategic vehicle for business development in the life segment, thanks to the strength of the BCC Iccrea Group’s distribution network and to the daily collaboration to broaden the product offering, enhance the customer experience in an evolving market.