Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 4 of Short Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.

M.11174 - GCA / BPMA / VA / VP

SECTION 4

Description of the concentration

On 3 November 2023, the European Commission received notification of a proposed concentration concerning the following undertakings:

-- Groupe Crédit Agricole (GCA), through Crédit Agricole Assurances (CAA),

incorporated in France, controlled by Crédit Agricole S.A.,

-- Banco BPM Group (BBPM Group), incorporated in Italy, controlled by Banco BPM

S.p.A. (BBPM),

-- BBPM Assicurazioni S.p.A. (BPMA), incorporated in Italy, controlled by BBPM,

-- Vera Assicurazioni S.p.A. (VA), incorporated in Italy. At the time of the notification,

VA is controlled by Assicurazioni Generali S.p.A. but, immediately before the

concentration, it will be controlled by BBPM,

-- Vera Protezione S.p.A. (VP), incorporated in Italy, directly controlled by VA (BPMA,

VA and VP, together, the JVs).

Through the proposed concentration, GCA and BBPM will acquire, within the meaning of Article 3(1) point (b) and Article 3(4) joint control of BPMA, VA and VP.

The concentration is accomplished by means of a purchase of shares. In particular, GCA will acquire a majority stake in the JVs, while BBPM will retain a minority stake.

The business activities of the undertakings concerned are:

-- GCA: group active in the banking and financial sector, offering a wide range of

insurance products to both individual and corporate clients,

-- BBPM Group: multifunctional integrated banking group, active in all areas of credit

and financial intermediation with a focus on the retail sector,

-- BPMA and VA: insurance companies active exclusively in Italy and providing non-

life insurance products in the following categories, and

-- VP: insurance company exclusively active in Italy and providing life insurance

products related to human life.

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