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BRIEF-Popolare di Vicenza says Cattolica has exercised right to sell bancassurance stake
April 5, 2017 / 8:39 PM / in 4 months

BRIEF-Popolare di Vicenza says Cattolica has exercised right to sell bancassurance stake

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April 5 (Reuters) - Banca Popolare di Vicenza says:

* acknowledges communication from insurer Cattolica that it (Cattolica) has exercised its right to sell its stake in common insurance joint ventures (Berica Vita, Cattolica Life and ABC Assicura)

* exercise of the right, the legitimacy of which the bank has reservations about, came at a time when the two parties were having constructive talks on relaunching their bancassurance agreement

* rejects Cattolica's general complaint over Popolare di Vicenza's 2014 capital increase

* notes that in 2016 it booked write downs on its investment in Cattolica for more than 220 million euros Further company coverage: (Reporting by Milan newsroom)

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