Grupo BTG Pactual, a Brazilian multinational investment banking firm, is currently holding negotiations with Italian insurer Generali to acquire latter’s wealth management arm BSI.
The move is part of BTG plans to expand its portfolio adding fee-related services. The bank has witnessed potential growth in its asset and wealth management arm over the last two years, partially driven by the weak Brazilian capital market.
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In its statement Generali stated that it has granted Banco BTG Pactual exclusivity to conduct negotiations relating to the potential acquisition of the entire share capital of BSI.
Generali, meanwhile, is seeking plans to raise capital by divesting its assets worth 4 billion and with an estimated value of 2 nillion, BSI is said to be significant asset for the company to fuel its capital raising plans, reported Reuters.
The Italian insurer had earlier written down 217 million from BSI’s value during the last quarter of the year, to further chances of its sale.
Headquartered in Switzerland, BSI holds nearly CHF90 billion of assets under management.
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By GlobalDataGenerali has until now offloaded assets worth more than 2 billion, including sale of businesses in the US and Mexico.
