Unipol, BNL set terms to end Italy life venture

MILAN, Dec 22 (Reuters) - Italy's Unipol Gruppo Finanziario and BNP Paribas unit BNL have agreed on terms to end their life bancassurance venture in Italy when it expires in 2011, the Italian insurer said on Tuesday.

Unipol, which is in talks to set up a life and non-life alliance with another partner, said BNP Paribas now had a right to buy its 51 percent in the BNL Vita venture for a base price of 280.5 million euros ($401.3 million) in July 2011.

Bologna-based Unipol has a right to sell its stake to the French group for 270.3 million euros on the same date.

In December, Unipol entered exclusive talks with cooperative banks Banca Popolare dell'Emilia Romagna and Banca Popolare di Sondrio for a bancassurance alliance, which includes the acquisition of insurance company ARCA.

The BNL Vita joint venture had 2.4 billion euros of inflows in first nine months of 2009, a 125 percent increase from a year earlier.

($1=.6990 euros)

(Reporting by Danilo Masoni; Editing by Greg Mahlich) Keywords: UNIPOL BNP/ ([e-mail]; [phone]; Reuters Messaging: [e-mail]) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.