MILAN, Oct 1 (Reuters) - Italy’s top insurer Generali pulled out from a race to sign a global partnership in the bancassurance business with Spanish lender BBVA, daily Il Sole 24 Ore said on Tuesday.
Ealier this year sources said the Italian insurer was considering investing in the bancassurance business of BBVA, through a joint venture agreement within a network of insurers across Spain, Mexico and Latin America, the sources said.
The entire network was valued at about 1.5 billion euros ($1.6 billion), the sources said.
Generali’s board took a decision not to go ahead with an offer for a bancassurance partnership with BBVA at a meeting last week, the report said.
Generali was not immediately available for comment. ($1 = 0.9181 euros) (Reporting by Giulio Piovaccari Editing by Shri Navaratnam)