Investire | November 2024
The banking sector is experiencing a real revolution, triggered by exceptional results in the last two years, to which are added the opportunities offered by the European regulation (Danish Compromise) thanks to which banks can manage and sell insurance policies without having to set aside too much capital, which makes them more competitive compared to traditional insurance companies.
BNP Paribas will acquire AXA Investment Management for 5.1 billion cash, the asset management company of the French insurance giant that has decided to focus solely on the core business of protection.
With this move, the BNP Paribas banking group will manage a total of 1,500 billion euros, the result of the integration of the assets under AXA IM and BNP Paribas Asset Management, becoming the fourth operator at European level.
Andrea Orcel’s UniCredit, waiting to conquer Commerzbank, consolidates its position in the life branch with the double acquisition of the shares in the two historic joint ventures, with Allianz and CNP, bringing back in-house the product factories linked to the branch with the highest margins and growth potential in which the banks are playing a leading role.
With this operation, UniCredit becomes the fourth operator in the life insurance sector in Italy with almost 8 billion in premiums, the third in bancassurance and the first in Unit Linked.
Banco BPM, through its subsidiary Banco BPM Vita, has launched a voluntary takeover bid aimed at acquiring all the ordinary shares of Anima, aimed at delisting the largest independent asset management group in Italy from the stock exchange.
This operation effectively creates another integrated national champion in the life insurance and managed savings sector, with total assets from life insurance and managed savings equal to 220 billion, within total financial assets of customers equal to 390 billion.
And the Italian market leader, Intesa Sanpaolo, knows something about the integration of factories, given that it has aggregated asset management (Eurizon), the offer of insurance solutions (Intesa Sanpaolo Vita) and private banking (Fideuram Intesa Sanpaolo Private Banking) under a single management.
On the asset management front, further moves are expected from UniCredit, which will soon play another ace, the joint venture NOVA Investment Management with AZIMUT, which includes the purchase of the controlling stake, the expiry of the agreement, in 2027, with AMUNDI, the creation of the Onemarkets Funds platform, are clear indications of an announced strategy.
The other Italian banking groups, BPER and MPS, only apparently seem to be at a standstill, the first having emerged from an endless series of acquisitions, the second from a mega restructuring that has finally put it back on track.
On the international front, there is talk of a possible acquisition of Allianz Global Investors, the insurance group of the same name, by AMUNDI.
High interest rates have allowed banks to live off their earnings in recent years, now that the party is over, the going gets tough and the tough are coming into play.
The most far-sighted bankers have been preparing for a long time for a game that will see a further concentration of players in a frantic search for margins in asset management, life insurance and wealth management and at the same time an increase in investments in digital banking.
This is just the beginning of a revolution that will radically change the market.
Nicola Ronchetti