Mediolanum to buy Mediolanum Assicurazioni, as inflows exceed expectations
Italy’s bank Mediolanum has confirmed it will complete the acquisition of insurance arm Mediolanum Assicurazioni for €35.9m.
The deal will be completed by the end of the year. Mediolanum Assicurazioni posted €2.6m net profits at the end of 2011, with net assets at €32.6m.
Meanwhile, Mediolanum posted positive net inflows for August, with €203m inflows to its asset management products and overall inflows at €106m, exceeding analysts’ expectations.