Italian financial services holding company Unipol has agreed to divest its banking unit, Unipol Banca, to peer BPER Banca for 220 million euros ($249 million) in cash.
Additionally, Unipol also agreed to acquire via its NPL management unit a portfolio of BPER Banca's non-performing loans with a gross value of $1.4 billion for a payment of $147.5 million.
BPER Banca said that the transaction with Unipol will boost its assets by approximately 17 percent and add more than 500,000 units to its client base.
The divestment allows Unipol to pull out of direct management of a small bank to take on the role of the long-term stable investor in BPER Banca.