Generali sells its Swiss bank BSI

Generali has found in BTG Pactual (Brazil), a buyer for its Swiss private bank BSI.

Both parties have reached an agreement which provides the payment of 1.7 billion USD, divided into 1.3 billion USD in cash and 408 million USD in Banco BTG Pactual's common and privileged shares.

The operation, awaiting for competent authorities' approval, should be finalized at the first semester of 2015. It will allow the leader of Italian insurance market to reach a solvency ratio greater than 160%.

With 5 billion USD of non-strategic assets sold in 18 months, Generali is moving one step closer of its goal of 5.4 billion USD for the year 2015.

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