MILAN, July 25 (Reuters) - The boards of Italian bank Capitalia , its asset management unit Fineco and insurer Toro, part of the Fiat group, have signed a memorandum of understanding to create a Toro-Fineco life assurance joint venture, they said in a statement on Thursday.
The joint venture will include all the life assurance units of the two groups. In 2001, the premium income of the new group would have been 3.8 billion euros, equivalent to 8.2 percent of the Italian market.