CNP UniCredit Vita approves plan to protect investments in Index Linked contracts linked to Lehman Brothers bonds

Fri. November 28, 2008; Posted: 07:00 AM

Nov 28, 2008 (M2 EQUITYBITES via COMTEX) -- CNPAF | Quote | Chart | News | PowerRating -- The board of directors of CNP UniCredit Vita, an Italian bankingAcompany with reference shareholders CNP Assurances and UniCredit, declared on 28 November that it has granted approval for a plan to protect the value of investments made by clients in Index Linked contracts linked to Lehman Brothers bonds for an amount of approximately EUR400m. A Approximately 25,000 customers reportedly bought 13 different issues of Index Linked contracts for a total nominal amount of EUR572.6m, maturing during the first half of 2009. The alliance proposes to convert these policies into new contracts wherein at maturity clients will receive the initial capital invested, net of coupons already received.A A A committee will be established in order to facilitate the transaction. This commercial initiative will impact the consolidated net profit of CNP Assurances for an amount less than EUR100m.

CNP Assurances and UniCredit have also extended their exclusive distribution agreement by an additional three years to 2017.

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