Generali says no change to Commerzbank links
MILAN, June 30 (Reuters) - Italy's biggest insurer, Assicurazioni Generali SpA (GASI.MI), has not changed its plans to end bancassurance links with Germany's Commerzbank AG (CBKG.DE), co-Chief Executive Sergio Balbinot said on Tuesday.
At the end of April, Generali executives said it would not renew its bancassurance agreement with Commerzbank that expires in 2010. They made the move because Generali rival Allianz ALGD.DE had sold Dresdner Bank to Commerzbank and Allianz became a major Commerzbank shareholder.
However, the Financial Times Deutschland newspaper said on Tuesday that Generali had sought German government support for Commerzbank to continue selling Generali products.
"I usually do not comment on press rumours," Balbinot said in a statement.
"However, I would like to clarify that Generali has always respected its commitments and so it will with the commitments undertaken with all counterparts in the negotiations which led to creation of Commerzbank-Dresdner," he said.
"From our point of view nothing has changed."
Generali holds a 6 percent stake in Commerzbank and in April said it remained strategic so long as the bancassurance alliance is in force.
(Writing by Nigel Tutt; Editing by David Cowell)
