Mediobanca CEO reiterates willingness to sell 3% stake in Generali to fund acquisitions
09 FEB 2018
Mediobanca [BIT:MB] chief executive Alberto Nagel has reiterated that the Italian bank is willing to sell a 3% stake in the Italian insurance company Assicurazoni Generali [BIT:G] if the price is right, the Ft.com website reported. Nagel indicated that he would be wiling to sell the stake to finance tactical acquisitions, the item said.
Nagel has on several previous occasions said he would consider selling a 3% shareholding in EUR 23.97bn-market-cap Generali to finance further investment in asset management, the report continued. Mediobanca owns a 13% shareholding in Generali, the item added.
Mediobanca acquired a 69% stake in the Swiss asset manager RAM Active Investments in November 2017. The Italian bank in December launched Mediobanca Private Banking, which caters to affluent individuals, the report noted.
Mediobanca on Friday, 9 February reported its results for the six months ended 31 December 2017, which showed a 9% increase in revenues to EUR 1.17bn (USD 1.43bn) and a 14% increase in net profit to EUR 476m.