Italy’s Generali gets offers for Lugano-based BSI

Italy’s Generali is understood to have received a number of non-binding offers for the sale of its Swiss-based private bank BSI, which the firm is looking to sell as part of a strategy to strengthen the capital to meet new industry rules.

At a recent investors’ meeting, Mario Greco, chief executive of the firm, said Generali has placed on sale Lugano-headquartered BSI both to refocus on insurance and boost profitability.

Greco was appointed in the role in August, and within his mandate, he will have to raise EUR 4bn billion euros from asset sales.

Generali bought BSI just before the financial crisis and has been trying to sell it for more than two years. According to market sources the firm could be worth aroung EUR 2bn.

Press reports have suggested that potential buyers could be private equity firms such as Carlyle, KKR, Apollo and Apax

According to the Italian press, Julius Baer, RBC, private equity firm Apax and an Asian investor have made an offer for BSI.

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