Bankinter, Apollo in joint-bid for Generali's BSI-sources

Reuters, March 5 Tue Mar 5, 2013 3:12am EST

Reuters, March 5 (Reuters) - Spain's Bankinter has joined forces with U.S. investment fund Apollo Global Management to bid for Italian insurer Generali's Swiss private bank BSI in a deal worth up to 2 billion euros ($2.6 billion), three people with knowledge of the matter said on Tuesday.

Brazilian bank Safra and Chinese rival ICBC are also bidding for BSI, two of the people said.

Generali is selling BSI as part of a plan to free up 4 billion euros of capital from non-core assets and meet new rules for European insurers.

Bankinter, Apollo, Generali and BSI declined to comment.

($1 = 0.7687 euros)

($1 = 0.9417 Swiss francs) (Reporting by Sophie Sassard; Editing by Mark Potter)

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