Bloomberg added that Generali’s advisers, JPMorgan Chase & Co. and Mediobanca SpA (MB), are sending sales documents to potential buyers for BSI Group.
The persons known to the matter also revealed that information memorandums will be sent to at least 20 potential buyers, and that the indicative offers are due in January 2012.
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It is said that Generali may have to struggle to find a buyer as the erosion of Swiss banking secrecy and higher regulatory costs are eroding margins, which complicates the task of assessing the financial health and business model of a private bank.
While currently, BSI’s book value is about US$2.96 billion, the insurer may struggle to sell the private bank for that amount, reported Bloomberg stating two of the people familiar with the matter as saying.
Meanwhile, the officials at Generali, Apax, RBC, JPMorgan and Mediobanca have declined to comment.
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