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Aviva sells Italian JV to Banco BPM

29 September 2017 08:23

Aviva has agreed to sell its entire shareholding in its joint venture in Italy, Avipop Assicurazioni - which includes its wholly owned subsidiary Avipop Vita - to Banco BPM for €265m in cash.

It said this agreement followed a notification received by Aviva of Banco BPM's intention not to renew its distribution agreement with Aviva and Aviva's subsequent decision, announced on 25 Aug , to exercise its put option.

Aviva formed a bancassurance partnership in protection and general insurance with the former Banco Popolare in 2007.

It said that as was customary in bancassurance arrangements, the original agreement between Aviva and Banco Popolare included an option for Aviva to sell its entire shareholding to the bank in the event of a termination of the distribution agreement.

At 8:23am: (LON:AV.) Aviva PLC share price was +5.75p at 515.25p

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