The Board of Directors of Banca Generali and the Board of Directors of BG Sgr SpA, an asset management company 100% controlled by Banca Generali, have approved the project for the merger by incorporation of BG Sgr into Banca Generali. The merger, subject to prior authorization by the Bank of Italy, is part of the plan to rationalize and improve the efficiency of Banca Generali's management activities.
On 30 September, BG Sgr had approved the sale to Generali Investments Italy Sgr of its funds under Italian law, the value of which, at the time, amounted to 389 million euro. With the prospect of transferring the role of manager of mutual funds to the asset management company, it was deemed appropriate to include the remaining assets of BG Sgr, i.e. portfolio management to which assets equal to 2,1 billion euros as of last September 30, in the context ofl perimeter of Banca Generali through the creation of a new independent Division specialized in individual portfolio management.
The operation will generate numerous process optimizations taking advantage of the integration into the Bank's structure. It is also believed that the focus on portfolio management activities, highly strategic for the bank by virtue of the strong growth of private customers in recent years, will be further strengthened. From an asset point of view, theoperation is neutral at consolidated level.
