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Under the bancassurance deal, Sun Life will exclusively provide life insurance services to Dah Sing Bank's 570,000 retail banking customers.

Credit Agricole on Friday struck a long-term bancassurance partnership with Italy's Banco BPM , strengthening ties with the country's number three lender, in which it is already the top investor.

Unlike Anima, Axa won't alter its 'bancassurance' joint-venture with MPS, but simply buy portfolios of insurance contracts, allowing MPS to anticipate future revenues, the people said.

Net interest income fell 22% from the second quarter to 319 million euros as the bank offloaded more bad loans but net fee and commission income rose 1% to 102 million on the back of its asset management, investment banking, funds transfer, bancassurance and cards businesses.

“The focus Banco BPM puts on its ‘product companies’ and especially those in ‘bancassurance’ we believe may contribute to improve the value of the group in an M&A scenario”, Bestinver analyst Fabrizio Bernardi said.