MILAN, July 10 Banca Generali said on Thursday it had reached an agreement to buy the Italian affluent and upper affluent private banking operations of Credit Suisse Italy.
In a joint statement Banca Generali and Credit Suisse Italy said the deal would be worth around 47-50 million euros.
Banca Generali, controlled by Italy's biggest insurer Generali, will fund the operation mainly through debt with the rest in cash, the two companies said.
The deal will allow Banca Generali to strengthen its presence in strategic areas in Italy while Credit Suisse will be able to press ahead with its global strategy of focusing its asset management business on businessmen and large families.
(Reporting by Stephen Jewkes)