August 9, 2019 / 6:32 AM / 4 months ago

Italy's Cattolica says submitted offer for UBI's insurance arm

MILAN, Aug 9 (Reuters) - Italy’s Cattolica Assicurazioni has presented a non-binding offer for the life insurance businesses of UBI Banca, Chief Executive Alberto Minali said on Friday.

Minali said the offer was presented in June and that Cattolica was vying with other bidders for the division.

“We are working to present a binding offer in the next few weeks,” Minali said.

Italy’s fifth-largest bank is looking to sell roughly 60-70% of the unit which includes stakes in a series of joint venture platforms with the likes of British insurer Aviva, sources have told Reuters.

Based in Verona, Cattolica Assicurazioni focuses on bancassurance products and is hoping to take control of its existing life insurance partnership with UBI as well as the other assets for sale, the sources said.

UBI has hired KPMG to auction off the assets and wants to receive binding bids towards the end of September, one of the sources said.

Minali said any deal would have to be “value accretive” for Cattolica and based on a reasonable financial valuation of UBI’s business business. (Reporting by Silvia Aloisi, editing by Isla Binnie)

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