January 8, 2013 / 8:22 AM / in 5 years

Generali says about to get offers for BSI, US reinsurance business

MILAN, Jan 8 (Reuters) - Italian insurer Generali said on Tuesday it was about to receive non-binding offers for Swiss-based private bank BSI and a U.S. reinsurance business, and the disposal process was going according to plan.

“I do not see any problems with these disposals,” Chief Financial Officer Alberto Minali told analysts in a conference call, adding that the sale of those assets would generate additional cash reserves.

Generali earlier announced a deal to buy the 49 percent of a joint venture with Czech group PPF it does not already own in two tranches for a total of 2.5 billion euros.

CEO Mario Greco told analysts the group would not need external resources to fund the second tranche of the deal, which is worth 1.2 billion euros and will be completed at the end of 2014. ž (Reporting By Silvia Aloisi, editing by Francesca Landini)

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