Italy’s Generali to sell BSI with JP Morgan

Italy’s insurer Assicurazioni Generali has appointed JP Morgan as adviser in the sale of its private banking group BSI, according to press reports.

The deal is part of the strategic plan of the company to refocus on the insurance sector.

Mario Greco (pictured) will take the post of chief executive on August 1, after his predecessor Giovanni Perissinotto was ousted for having lost the support of shareholder Mediobanca.

Greco, chief executive of general insurance at Zurich Insurance Group, is expected to focus on cost cutting measures and to launch a strategy review to cut its private banking presence, selling assets such as BSI.

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