Generali today completed the sale of BSI to Banco BTG Pactual. The insurance company announced it today. In line with the terms of the agreement entered into on July 14, 2014, the final consideration for the divestment is approximately 1,248 billion Swiss francs, comprised of approximately 1 billion Swiss francs in cash (equivalent to €0,9 billion) and the remainder in equity instruments (Btg units listed on the San Paolo Stock Exchange).
“The sale of BSI – explained Leone in a note – completes Generali's strategic plan aimed at concentrating on the insurance core business and strengthening the capital base, concluding the turnaround launched in January 2013”.
The transaction strengthens the group's Solvency I ratio by 8 percentage points to 164%, and the proforma internal model Economic Solvency ratio by 8 points to 200%, both calculated as at 30 June 2015. The sale of the bank also reduces “ significantly” the non-insurance activities of Generali.
In the afternoon, Generali's share on the Stock Exchange gains 0,5%, a 16,31 euro.
