September 28, 2017 / 8:00 AM / a year ago

Generali won't bid to become Banco BPM's insurance partner - sources

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,

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