MILAN (Reuters) - Italy’s Assicurazioni Generali (GASI.MI) will not present an offer to become the new insurance partner of the country’s third-largest bank, Banco BPM (BAMI.MI), two sources said.
FILE PHOTO - A logo of Italy's biggest insurer Assicurazioni Generali is seen in central Rome, Italy, February 8, 2016. REUTERS/Alessandro Bianchi/File Photo
Earlier this month, a source said Generali was expected to be among four bidders together with smaller rival Cattolica (CASS.MI), Germany’s Allianz (ALVG.DE) and France’s Covea.
Cattolica said on Wednesday it had filed a binding bid for the “bancassurance” partnership, offering to buy a majority of Popolare Vita and Avipop Assicurazioni.
Reporting by Steve Jewkes and Gianluca Semeraro, writing by Valentina Za,