BNP Paribas Cardif to acquire majority stake in BCC Vita

BNP Paribas Cardif will purchase a 51% stake in BCC Vita, the insurance arm of Italian bank BCC ICCREA, with the option to acquire an additional 19%.

As part of the deal, the companies signed a bancassurance partnership for the distribution of life insurance for up to 15 years.

The unit of the French bank said that BCC Vita was chosen after a complex selection process involving several leading companies in the European insurance market.

BCC ICCREA has 2,500 branches.