November 19, 2019 / 7:05 AM / 24 days ago

UBI Banca CEO sees new bancassurance partnership announcement in first quarter 2020

FILE PHOTO: UBI Banca Popolare Commercio & Industria logo is seen in Milan, Italy, February 28, 2016. REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters) - Italy’s UBI Banca (UBI.MI) expects to present a new bancassurance partnership in the three-year business plan it will present in the first quarter of next year, the bank’s chief executive Victor Massiah told Il Sole 24 Ore on Tuesday.

The bank’s current partnership with British insurer Aviva (AV.L) and Cattolica Assicurazioni (CASS.MI) is due to expire at the end of 2020.

Massiah also said the business plan would “be based on a scenario of negative interest rates for the whole three-year period” but said the bank would not impose negative interest rate charges on its own clients’ deposits.

Reporting by James Mackenzie, editing by Elvira Pollina

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