October 27, 2012 / 1:20 PM / 5 years ago

Mediobanca says not right moment to sell RCS stake

MILAN (Reuters) - Mediobanca (MDBI.MI) Chief Executive Alberto Nagel said this was not the right moment to sell its large stake in publisher RCS Mediagroup (RCSM.MI), even though the bank is shedding a lot of its equity assets.

“I do not see offers that could offer added value considering the book value of our (RCS) stake. I do not believe this is the moment to disinvest,” Nagel told shareholders at their annual meeting.

Speaking about Generali (GASI.MI), in which Mediobanca has a 13 percent stake, Nagel said Generali’s new boss Mario Greco was solely focused on the insurance business and not on banking.

“We are totally aligned with the new CEO and his vision for the group, which he sees focused on the insurance sector, not on banking,” Nagel said.

Generali is looking to sell its Swiss private banking arm BSI. New CEO Mario Greco was hired in August to replace previous boss Giovanni Perissinotto, who was ousted by Mediobanca and other disgruntled shareholders.

Reporting By Lisa Jucca

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