BNP Paribas will acquire a 51% stake in BNL Vita from Italy’s Unipol Gruppo Finanziario, The Wall Street Journal reports. The French lender will pay €325.2 million in cash for the acquisition.

Insurer Unipol holds 51% of BNL Vita’s stock, which BNP will acquire through Cardif Assicurazioni in their bancassurance joint venture, adds Agenzia Giornalistica Italia. The transfer of the stake will take place following all the necessary regulatory approvals.

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