Greco takes over as chief executive at Generali

Mario Greco has taken over today the role of chief executive at Italy’s Generali from Giovanni Perissinotto, who served as chief executive at the bank for 11 years.

Perissinotto was ousted by the board following a negative performance of the banking and insurance group.

Greco, formerly head of general insurance at Zurich Insurance Group, is expected to announce its strategic plan for the company tomorrow, which could include a refocus on the core business of the group.

A few weeks ago, Generali appointed JPMorgan and Mediobanca, the investment bank which owns 13% of Generali, to find a buyer for BSI, its Swiss private banking unit.

The newly appointed chief executive could also push towards a €5bn capital raise in order to improve the financial health of the group and to strengthen its capital.

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