March 30, 2018 / 7:36 AM / a month ago

BRIEF-Banco BPM Closes Sale Of Stake In Insurance Companies To Cattolica Assicurazioni

March 30 (Reuters) - BANCO BPM:

* REPORTED ON THURSDAY HAS FINALIZED THE SALE TO CATTOLICA ASSICURAZIONI OF 65% OF THE SHARE CAPITAL OF AVIPOP ASSICURAZIONI AND POPOLARE VITA (THE INSURANCE COMPANIES)

* THE VALUE RECOGNIZED BY CATTOLICA ASSICURAZIONI, IN KEEPING WITH THE CONTRACT PROVISIONS, AMOUNTS TO 853.4 MILLION EURO

* THE ORDINARY DIVIDENDS OF THE INSURANCE COMPANIES FOR FINANCIAL YEAR 2017 (89.1 MILLION EURO) ARE FULLY ATTRIBUTABLE TO BANCO BPM

* THE SALE OF THE SHAREHOLDINGS TO CATTOLICA ASSICURAZIONI GENERATES AN ESTIMATED TOTAL CAPITAL GAIN OF APPROX. 190 MILLION NET OF TAX EFFECT

* THE ESTIMATED POSITIVE IMPACT ON THE COMMON EQUITY TIER 1 RATIO AT 31 DECEMBER 2017 COMES IN AT +16 BASIS POINT

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Further company coverage: (Gdynia Newsroom)

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