July 14, 2014 / 8:02 AM / in 3 years

Generali sells BSI to BTG Pactual for 1.5 billion Swiss francs

MILAN (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 euros in Banco BTG Pactual ordinary and preference shares.

Reporting by Lisa Jucca, editing by Danilo Masoni

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