Italy’s second-largest bank, Intesa
Sanpaolo (ISP), is to significantly reorganise its bancassurance
business and has asked the country’s antitrust authority to remove
an obligation to sell its bancassurance unit Sud Polo Vita.
The sale of Sud Polo Vita was ordered by the
regulator as part the merger two years ago between Banca Intesa and
Sanpaolo IMI.
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“The aim is to set up a single company serving
the group’s banking networks and a life company at the service of
the financial advisors of Banca Fideuram,” the bank said in a
statement.
The bancassurance project has been designed to
promote significant efficiencies and cost synergies and create a
unit with gross premiums written of around €8 billion on a
pro-forma end-2008 basis.
In a separate announcement on 19 June, ISP
chief executive Corrado Passera said current market and economic
conditions made it difficult for the bank to release the three year
business plan it had intended to issue during the summer.
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