Expansion into Italy through 50% stake in bank’s insurer

France's BNP Paribas and Belgian insurer Fortis will buy a majority stake in the non-life insurance unit of Italy's UBI Banca, Reuters reported

Fortis and BNP Paribas Assurance would take 50% plus one share of P&C insurer UBI Assicurazioni.

Fortis and BNP would pay €120m in cash on completion of the deal. It could make a further payment of about €40m depending on future business.

The deal is through F&B Insurance Holdings. Fortis would have a 50% plus one share stake, with BNP Paribas Assurance the rest.