November 29, 2019 / 3:16 PM / 2 months ago

Banca Generali could rejoin Italy's blue-chip index -traders

MILAN, Nov 29 (Reuters) - Italian asset manager Banca Generali could rejoin the Milan Bourse’s blue-chip index, just months after losing its place, two traders said on Friday.

A quarterly review of the companies included in Italy’ FTSE MIB is due on Wednesday, with traders seeing insurance company UnipolSai as a possible candidate to leave the index.

The changes to the index, which are based on a number of factors including market capitalisation and free float, will be effective from December 23.

One of the traders said that despite UnipolSai having a higher market capitalisation (7.5 billion euros) than Banca Generali (3.6 billion), the insurance company has a lower free float because it is controlled by Unipol with a 79.2% stake.

Banca Generali and UnipolSai declined to comment when contacted by Reuters.

Banca Generali was ejected from the FTSE MIB in June, with payments company Nexi added after its initial public offering (IPO).

Shares in Banca Generali were 1% lower by 1415 GMT, while Unipolsai shares were unchanged.

Banca Generali shares have risen 15% over the past three months, outperforming a 3% rise in the Italian financial service index.

Reporting by Giancarlo Navach; Editing by Kirsten Donovan

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