DISTRIBUTION PARTNERSHIP BETWEEN BANCO DESIO AND HELVETIA AND PROPERTY READJUSTMENT OF CHIARA VITA SpA
Banco di Desio e della Brianza SpA has today concluded negotiations with the Swiss insurance group Helvetia for a partnership based on a long-term distribution agreement. Within this framework, which is in line with the strategic guidelines put in place by the Group’s 2008-2009 Industrial Plan, there is the property readjustment of Chiara Vita SpA, which is currently 100% owned by the same Bank.
More in detail, subject to the satisfaction of the suspensory conditions pertaining to the authorisations of the competent Italian and Swiss authorities, the agreement involves Helvetica entering into the Chiara Vita capital with a 70% share. This operation will presumably come about during the last part of the current financial year, at which time the main financial elements of the sale will be set out. The partnership will be regulated by inter-company agreements and as far as corporate governance is concerned, a significant representation of the Bank within the Company’s Board of Directors shall be guaranteed.
Desio, 29 May 2008
BANCO DI DESIO E DELLA BRIANZA S.p.A.