Italian insurer Assicurazioni Generali has, reportedly, reached a deal to sell its Swiss private banking unit BSI to Brazil-based Banco BTG Pactual by the end of this month.
“Some approvals are still needed but once those arrive things will move ahead. The deal could close by the end of the month. It’s almost a done deal,” Reuters reported quoting unidentified sources.
The price of the deal is expected to be between 1.4 billion ($1.9 billion) and 1.6 billion, according to the publication.
Price had been a stumbling block for Generali, which been trying to sell BSI for the past two years.
Generali has until now offloaded assets worth more than 2.6 billion to focus on its insurance business.
The proceeds from the sale of BSI, which has assets of CHF90 billion, will enable the insurer to shore up its capital and cut debt.