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BNP Finalises Small Italian Life JV: Not A Credit Mover

FINANCIALS

BNP (BNP: Baa1/A-/A+) is finalising the purchase 51% of BCC Vita from Iccrea Banca (ICCREA: BBB-/BBB-). Not a credit mover.


  • Deal was first announced in Nov-23 outlining a bancassurance JV along with the stake acquisition. The current deal allows for the acquisition of up to another 19% of BCC Vita and the extension of the partnership to 15 years.
  • There are no financial details of note about this deal – it is almost certainly immaterially small for BNP.

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