September 28, 2017 / 7:46 AM / a year ago

Generali won't bid to become Banco BPM's insurance partner - sources

MILAN, Sept 28 (Reuters) - Italy’s Assicurazioni Generali will not present an offer to become the new insurance partner of the country’s third-largest bank, Banco BPM , two sources said.

Earlier this month, a source said Generali was expected to be among four bidders together with smaller rival Cattolica , Germany’s Allianz and France’s Covea.

Cattolica said on Wednesday it had filed a binding bid for the “bancassurance” partnership, offering to buy a majority of Popolare Vita and Avipop Assicurazioni. (Reporting by Steve Jewkes and Gianluca Semeraro, writing by Valentina Za,)

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