Finance
UniCredit Buys CNP, Allianz Italy Life Stakes as CEO Eyes Fees
This article is for subscribers only.
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.