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UBI Banca revises accords with British insurer Aviva

Reuters - UK Focus

MILAN, April 16 (Reuters) - Italy's UBI Banca (Frankfurt: BPD.F - news) has agreed to sell Aviva (Other OTC: AIVAF - news) a further 30 percent stake in two life bancassurance ventures, previously jointly controlled, and buy back from the British insurer minority stakes in three of its bank units.

The Italian bank said on Wednesday it would pay 327 million euros ($452 million) to repurchase minority stakes held by Aviva (Berlin: GU8.BE - news) Holding Italia in Banca Popolare Commercio e Industria, Popolare di Ancona and Banca Carime. ($1 = 0.7234 Euros) (Reporting by Lisa Jucca; Editing by Erica Billingham)