Generali will sell non-strategic assets in the coming years, to free up funds to be allocated to core activities, insurance, especially in emerging countries, where the presence of a new middle class is more evident. This is what Generali CEO Mario Greco declared in an interview with the Financial Times.
The basic concept, getting rid of non-strategic activities, involves, for example, the already announced sale of BSI and reinsurance in the USA: “Banks are contacting potential buyers, but there is more that could be sold“. Greco then categorically excludes the sale of Banca Generali, as well as the possibility of a capital increase: "We have the liquidity, our business makes profits and we have other non-strategic assets that could be sold to finance our needs for the future".
For Greco, the fundamental point is to make choices, and pursue them clearly: “In this business you have to be concentrated. You can't do everything and be everywhere." “What we won't be able to do on our own is to grow through acquisitions – continues the CEO of the Lion -. I wouldn't be shy about going to the market and saying 'there is a fantastic opportunity in China, would you give me the capital to do it?'” while, as regards Eastern Europe, and the alliance with PPF, the company is evaluating the margins for growth, and above all the potential of emerging economies.
In closing, then, Greco addressed the issue of Generali's shareholders, and in particular of Mediobanca: “We are run like a public company. Mediobanca is a shareholder like any other. All shareholders have the same rights, which we respect. The board knew I wouldn't be a good fit for this job if the idea was to have a shareholder dictating policy."
The link to Assinews, which contains the complete text of the interview: http://www.assinews.it/articolo.aspx?art_id=13133
