By Pietro Lombardi

Intesa Sanpaolo SpA has reached an agreement with BNP Paribas Cardif to buy Italian insurer Cargeas Assicurazioni SpA for 390 million euros ($469.9 million).

The Italian bank insurance business, Intesa Sanpaolo Vita, and French bank BNP Paribas SA's insurance unit said Monday that they have signed a memorandum of understanding related to the deal, while the final agreement should by signed by the end of the month.

The deal is expected to close in the first half of the year.

Write to Pietro Lombardi at pietro.lombardi@wsj.com; @pietrolombard10

(END) Dow Jones Newswires

February 08, 2021 09:23 ET (14:23 GMT)

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