December 21, 2017 / 10:27 PM / a month ago

Italy's Poste, Anima sign asset management deal

MILAN, Dec 21 (Reuters) - Italy’s Poste on Thursday signed an agreement with Anima aimed at further developing the postal operator’s asset management activities and extending the two group’s partnership in the business.

In a deal worth 120 million euros, the two groups agreed to partially spin off the portfolio management linked to life insurance products belonging to an insurance unit of Poste in favour of Anima, the two groups said in a joint statement.

In exchange, Poste will receive newly issued shares of Anima, the statement added.

The accord “will contribute to a robust development of Poste’s asset management business ... With Anima we enhance the product range offered throughout our post offices to satisfy Italian savers’ needs,” Poste Chief Executive Matteo Del Fante said in a statement. (Reporting by Giulia Segreti, editing by G Crosse)

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