press release cattolica assicurazioni acquires 25% of cassa di

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