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In accordance with Article 13 of Law 104-12 on freedom of prices and competition as amended and supplemented, and Article 10 of Decree No. 2-14-652 issued for its implementation, the Competition Council makes available to the public the “summary of the operation” below, containing the information provided by the parties.
This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.
The publication of this statement does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law 104-12 on freedom of prices and competition.
Names of the companies and groups involved:
– The acquirer: The company Crédit Agricole Assurances SA;
– The targets:
o The company Banco BPM Assicurazioni SPA;
o The company Vera Assicurazioni SPA;
o The company Vera Protezione SPA.
Nature of the operation
– Joint control.
Economic sectors concerned
– Bancassurance sector.
Deadline for interested third parties to submit their observations
– 10 days from the date of publication of this statement, i.e. October 2, 2023.
NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES
The Competition Council has received a notification regarding the joint takeover of the companies “Banco BPM Assicurazioni SPA”, “Vera Assicurazioni SPA” and “Vera Protezione SPA” by the company “Crédit Agricole Assurances SA”.
The activities of the companies involved are as follows:
– The company “Crédit Agricole Assurances S.A” is a French insurance holding company owned 100% by Crédit Agricole S.A., serving as the central body of the Crédit Agricole Group (GCA). The insurance companies within the CAA group offer insurance solutions (life and non-life products) to individuals, businesses, and farmers;
– The company “Banco BPM Assicurazioni SPA” is an Italian insurance company exclusively offering non-life insurance products. It is a company within the Banco BPM Vita SpA insurance group, whose parent company Banco BPM Vita SpA is 100% owned by Banco BPM SpA;
– The company “Vera Assicurazioni SPA” is an Italian insurance company established in 2018 as a result of a collaboration between the Cattolica Assicurazioni Group and Banco BPM. Vera Assicurazioni offers insurance solutions for individuals, businesses, properties, homes, automobiles, and more;
– The company “Vera Protezione SPA” is an Italian insurance company wholly owned by Vera Assicurazioni, exclusively offering life insurance products.
Done in Rabat on September 21, 2023.
