MILAN (Reuters) - French banking group Credit Agricole (CAGR.PA) has taken a 5 percent stake in Italian mid-sized bank Creval (PCVI.MI) as part of a life insurance partnership and could consider raising it to 9.9 percent, the two lenders said.
A joint statement said the French group’s insurance arm Credit Agricole Assurances would pay 80 million euros for Creval’s insurance business Global Assicurazioni.
The accord will allow Credit Agricole Assurances to sell mainly savings and investment products through Creval’s branch network for up to 15 years.
Credit Agricole may raise the stake to 9.9 percent if the two parties decide to widen their cooperation to other business areas in the future.
Reporting by Valentina Za