NU Online News Service, July 27, 10:05 a.m. – Prudential Insurance Company of America, Newark, N.J., is teaming up with Banca Popolare di Bergamo-Credito Varesino, Milan, one of the 10 largest banking groups in Italy, to form an asset-management joint venture in Italy.
Prudential has agreed to ask Italian regulators for permission to acquire a “significant interest” in Banca Finanzattiva Gestione SGR, the bank’s asset management business.
Prudential and Banca Popolare plan to start a joint venture, BPB Prumerica Global Investments SGR, which will develop, manage, market and sell investment products and services to Italian retail and institutional customers.
Prumerica Life, a Prudential life insurance subsidiary, has been operating in Italy for 10 years. The new joint venture will not affect the life operation, Prudential says.