Fox-Pitt, Kelton, the specialist investment bank, has had a rare opportunity to work on a corporate finance transaction for the Italian financial institution Società Assicuratrice Industriale (SAI) on the sale of a 49% stake in a joint venture.

In a move to sever its bancassurance ties with joint venture partner Banca Monte dei Paschi di Siena (BMPS), SAI agreed to sell its stakes in MontePaschi Vita, as well as Ticino Assicurazioni and Dipras. The two Italian institutions started working together in 1992.