July 14, 2014 / 7:56 AM / 4 years ago

CORRECTED-Generali sells BSI to BTG Pactual for 1.5 bln Swiss francs

(Corrects to clarify currency of share component is 300 million Swiss francs, not euros, in third paragraph)

MILAN, July 14 (Reuters) - Generali said on Monday it had agreed to sell its Swiss wealth management unit BSI to Brazil’s BTG Pactual for 1.5 billion Swiss francs ($1.69 billion), thus completing its planned disposal of non-insurance assets.

The Italian insurer said the sale of BSI, which it had acquired before the global financial crisis, will generate a net loss of around 100 million euros but should boost by 9 percentage points the group’s Solvency I ratio.

Under the terms of the deal, Generali will receive 1.2 billion Swiss francs in cash and the equivalent of 300 million Swiss francs in Banco BTG Pactual ordinary and preference shares. ($1 = 0.8899 Swiss Francs) (Reporting by Lisa Jucca, editing by Danilo Masoni)

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