December 19, 2012 / 6:56 PM / in 5 years

Bank of Italy says to transfer 4.5 Generali stake to FSI fund

ROME, Dec 19 (Reuters) - The Bank of Italy said on Wednesday it would transfer its 4.5 stake in Assicurazioni Generali to Italy’s state-controlled fund Fondo Strategico Italiano (FSI), in exchange for shares in FSI.

FSI has then agreed to sell the Generali stake by December 2015 at the market price, the Bank of Italy said in a statement.

The statement also said that FSI would use its Generali share voting rights as the Bank of Italy had done.

The Bank of Italy made the sale to avoid a possible conflict of interest when it becomes Italy’s insurance regulator. (Reporting by Naomi O‘Leary)

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