Cattolica Assicurazioni and Cassa di Risparmio di San Miniato complete the operation to renew the agreement for distribution of insurance products until 2020
Verona, 15 April 2011
Cattolica Assicurazioni and Banca Popolare di San Miniato, in execution of the agreement signed on December 29th 2010 and after having obtained the necessary authorisations, have completed the agreement for the exclusive distribution until 2020 of insurance products via the bank’s branches based on preestablished targets, and have also proceeded with the contextual acquisition by Cattolica Assicurazioni of 34% of the share capital of San Miniato Previdenza1. Cattolica Assicurazioni thus achieves 100% ownership of San Miniato Previdenza.
1 It is reminded that Cassa di Risparmio di San Miniato is a related party of Cattolica, as defined by CONSOB (Italian securities & exchange commission) Regulation 17221/2010, as it is an associate company (Cattolica owns a 25% equity interest in Cassa di Risparmio di San Miniato). As indicated in the press release of December 29th 2010 the deal was classified as a “non-material transaction” under CONSOB Regulation 17221/2010. The price’s fairness evaluation had been supported by an independent expert appraisal prepared using the hybrid asset-/income-based valuation method.