Italy’s Generali goes ahead with BSI Group sale

Italy’s insurer Assicurazioni Generali, is pushing ahead with plans to sell its Swiss private bank BSI Group, a deal on which is advised by JPMorgan Chase and Mediobanca.

According to press reports, a number of potential buyers have stated their interest in the firm, and Generali’s advisers have sent information memorandums to about 20 potential buyers, which will have to table their offers by January.

Private equity firm Apax partners and Toronto-based RBC are understood to be inlcuded in the list. They both declined to comment on press requests.

Based in Lugano, BSI is the largest private bank in Switzerland’s Italian-speaking region, and had about CHF81.5bn assets under management at the end of June 2012.

The sale of the private bank is part of Generali’s strategy review started by chief executive Mario Greco, who was appointed in the role in August to strengthen the capital of the insurer, severely hit by Europe’s sovereign-debt crisis.

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