Generali, Intesa to review bancassurance venture.
Global Banking News - 22 May 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
Assicurazioni Generali SpA (GASI.MI) (ISE: G) and Intesa Sanpaolo SpA (ISE: ISP) (ISP.MI) are planning to review their bancassurance joint venture Intesa Vita in the coming weeks, Thomson Financial said citing a separate newspaper report.
In an unsourced report, Il Sole 24 Ore daily said that Generali, which holds 50 percent of Intesa Vita through its unit Alleanza Assicurazioni SpA, is unsatisfied with the profitability of Intesa Vita, and aims to improve the terms of the agreement, which is due for expiry in December 2009.
The review could affect the fate of Generali's stake in the Italian bank, the report said. Generali holds a five percent stake in Intesa and also has the option to sell the Intesa Vita shareholding back to Intesa for EUR700m to EUR800m.
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|Publication:||Global Banking News (GBN)|
|Date:||May 22, 2008|
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