March 22, 2013 / 5:56 PM / in 5 years

Bank of Italy transfers Generali stake to FSI fund

MILAN, March 22 (Reuters) - The Bank of Italy on Friday transferred its 4.5 percent stake in insurer Generali to Italy’s state-controlled fund Fondo Strategico Italiano (FSI), in exchange for shares in FSI.

In a statement the central bank said the deal valued each share in Generali at around 12.67 euros.

The Bank of Italy had agreed to the deal back in December to avoid a possible conflict of interest after the government gave it powers to oversee Italy’s insurance regulator. (Reporting By Danilo Masoni, editing by Antonella Ciancio)

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