June 17, 2013 / 4:10 PM / 5 years ago

Banco Espirito Santo vying with Bankinter for Generali unit-source

MILAN, June 17 (Reuters) - Portugal’s Banco Espirito Santo is vying with Spain’s Bankinter to buy the BSI private banking unit of Italian insurer Assicurazioni Generali , a source close to the situation said on Monday.

“There are two of them - Banco Espirito Santo and Bankinter which is moving with Apollo. Both are interested,” the source said.

The source said the deal could close between the end of June and early July.

Both parties “will offer a bit less than the asking price,” the source said.

The asset’s book value is around 2.3 billion euros ($3.07 billion).

In May two sources said a consortium made up of Bankinter and U.S. investment fund Apollo Global Management was seen as the frontrunner to buy BSI.

$1 = 0.7492 euros Reporting by Gianluca Semeraro, writing by Stephen Jewkes, editing by Luca Trogni

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below