press release cattolica assicurazioni acquires 25% of cassa di
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press release cattolica assicurazioni acquires 25% of cassa di
PRESS RELEASE CATTOLICA ASSICURAZIONI ACQUIRES 25% OF CASSA DI RISPARMIO DI S. MINIATO FROM MONTE DEI PASCHI “SAN MINIATO PREVIDENZA” JOINT VENTURE SET UP Verona-San Miniato, October 10th 2002. Today Cattolica Assicurazioni and Cassa di Risparmio di San Miniato signed an agreement envisaging the creation of a new bancassurance company. The new company, 66% controlled by Cattolica, will specialise in the exclusive distribution of Cattolica’s life, pension-planning and targeted savings insurance products. The commercial network will be that of the Tuscan bank, present in its core territory with substantial market shares and 70 branches In parallel with the creation of the new company – called “San Miniato Previdenza” (Cattolica’s third JV after “BPV Vita” and “Lombarda Vita”), the Verona-based insurance company has bought into the bank’s capital by acquiring a 25% from Monte dei Paschi di Siena. The investment involves the purchase of 3,900,000 ordinary shares at a unitary price of € 18.47, for a total value of € 72,033,000. Whilst the creation of the new company, active in life segments, reinforces the strong business relationship between the two organisations, it also consolidates the Cattolica Group’s strategy of forming sound partnerships with solid, medium-sized banks featuring strong roots in their core territories. Thanks to the new agreement, the company will distribute both Cattolica’s existing life products via the Tuscan bank’s branch network, as well as new insurance and pension-planning products designed for the bank’s customers. Non-life products will be supplied by other companies in the Cattolica group. The acquisition of the banking interest and creation of the new company are subject to approval by surveillance authorities. Cattolica Assicurazioni’s Director General, Ezio Paolo Reggia, underlined that “thanks to this agreement, which consolidates our relationship with Cassa di Risparmio di San Miniato, the Cattolica group strengthens its presence in the Tuscan market, paving the way for attractive prospects of further expansion in Central Italy. The bancassurance strategy, in the variations on this theme, is confirmed as being Cattolica’s growth approach in its role as a multichannel group”. The President of Fondazione Cassa di Risparmio di San Miniato, Giacomo Conti, stated that Fondazione Cassa di Risparmio di San Miniato SpA welcomed its new partner with great satisfaction. The President also said that he was certain that the constructive commercial partnership to sell bancassurance products would permit further enhancement and expansion of the top-quality products offered to the Cassa’s customers. Cattolica Assicurazioni – consisting of Cattolica Assicurazioni, listed on the Milan stock exchange since November 2000, and by another eight insurances companies - is No. 6 in the ranking of the main Italian insurance groups. In the first six months of 2002 its consolidated net earnings grew by 26.92% YoY, rising to € 33 mn and consolidated premium collections – from both direct and indirect business – amounted to € 1,707 mn. Considerable growth was evident in the premiums of direct non-life business, i.e. € 600 mn as at June 30th 2002, with those of life business amounting to € 1,092 mn. Constant development was shown by the multichannel distribution system featuring 997 agencies, over 2,696 banking outlets, and 887 financial advisors. Cassa di Risparmio di S. Miniato was founded in 1830 and is one of Italy’s oldest savings banks. In the first six months of 2002 its ordinary operating profits topped € 15 mn, growing by 23.27% YoY, whilst collections from customers touched on € 4 mn (up by 5.2% YoY). Loans totalled € 1,284 mn (+3.31%), whilst customers numbered 125,136 (+2.7%). During the last 3 years the company has expanded its branch network and is now present, with 70 branches, in all Tuscan provinces. In June 2002 the Gruppo Bancario (= banking group) Cassa di Risparmio di San Miniato was created. SOCIETA' CATTOLICA DI ASSICURAZIONE For further information, please contact: Cattolica Assicurazioni Tel. ++39 045 8391745 e-mail: [email protected] Cassa di Risparmio di S. Miniato Tel. ++39 0571 404346 e-mail: [email protected] CASSA DI RISPARMIO DI SAN MINIATO