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Home Page > Archivio delle notizie > Notizia Commission approves the joint ventures between CU Italia and BDM (both Italy)The European Commission has authorised two joint ventures between Commercial Union Italia S.p.A. ("CU Italia"), the Italian subsidiary of the insurance group CGU plc, and Banca delle Marche S.p.A. ("BDM"), Italy, for the purpose of providing life and non-life insurance polices primarily in the Marche region in Italy. Given the complementary nature of the operation, the companies' low combined market shares and substantial competition in the market the Commission has no competition concerns. CU Italia is the Italian wholly-owned subsidiary of the British insurance group CGU plc, which offers all kinds of general insurance and life-insurance in the United Kingdom, continental Europe, North America, Australia and other parts of the world. CU Italia is active in the insurance underwriting market in Italy in the field of both life insurance and general insurance. BDM is an Italian commercial bank and holding company of the BDM Group of companies operating as savings banks primarily in the Italian region of Marche.The transaction concerns the acquisition of joint control by CU Italia and BDM of two joint venture companies, Commercial Union Life S.p.A. and Commercial Assicurazioni S.p.A., which are wholly-owned subsidiaries of CU Italia. Both joint ventures will be active in the provision of life and non-life insurance policies to a large extent through the BDM's network of banks, branches and financial promoters mainly in the Marche region in Italy. There is no overlap between the activities of the parent companies'. Given their low market shares, which do not exceed 15% in any insurance segment, and a sufficient number of significant competitors, the operation does not raise competition concerns. The Commission has therefore cleared it.
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