UniCredit Buys CNP, Allianz Italy Life Stakes as CEO Eyes Fees

UniCredit SpA is bringing the Italian life insurance businesses it operated with CNP Assurances and Allianz back in-house, as Chief Executive Officer Andrea Orcel eyes higher fees and profitability.

The Milan-based bank, which has made headlines with its surprise move on Germany’s Commerzbank AG, said Wednesday it will acquire CNP Assurances’ 51% stake in CNP UniCredit Vita SpA and Allianz’s 50% stake in UniCredit Allianz Vita SpA.

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The two deals are expected to be completed next year with an impact of around 20 basis points on UniCredit’s regulatory ...