Aviva had made an announcement on June 21, 2007 saying that it expected to enter into a new bancassurance partnership in Italy with Banco Popolare, the new banking group to be created by the merger of Banca Popolare Italiana (BPI) and Banco Popolare di Verona e Novara.
According to Reuters, Aviva will pay E250 million to BPI under the long-term bancassurance deal.
Morgan Stanley acted as bookrunner for the sale.
