MILAN – Unlisted Italian banking group Iccrea Banca expects to select one or more partners for its insurance business by the end of the year, Director General Mauro Pastore said on Saturday.
Speaking to reporters on the sidelines of the yearly Assiom-Forex financial markets association meeting, Pastore said Iccrea had invited bids from potential partners for both its life and non-life insurance businesses.
“We’re analysing the non-binding proposals we’ve received … and expect to get to a shortlist by the end of the first half, to then make a decision in the second half,” he said.
Pastore said Iccrea had initially planned to select just one partner that could invest in its insurance business, but based on the offers received so far it was now open to selecting two partners, one for the life and one for the non-life business.
“There is a lot of interest. We have 2,400 branches and there is room to increase both the life and protection insurance coverage of our customers.”