Italian insurance firm Generali has pulled out of the race to acquire the bancassurance business of BBVA amid concerns over the future of the business , according to investor and Italian media outlet Il Sole 24 Ore. Generali ring - fenced up to € 4bn ( $ 4.36bn ) for growth and investment in a three - year plan unveiled last November , with Latin American and Asian asset management and high - margin operations named as areas of particular interest , he said . Allianz and Liberty Mutual also expressed interested in the BBVA acquisition .
Italian insurance giant Generali has pulled out of the race to acquire the bancassurance business of BBVA amid concerns over the profitability of the business, according to Reuters and Italian news outlet Il Sole 24 Ore. Generali ring-fenced up to €4bn ($4.36bn) for growth and acquisitions in a three-year plan unveiled last November, with Latin American and Asian asset management and high-margin operations named as areas of particular interest, Reuters said. Allianz and Liberty Mutual also expressed interested in the BBVA business.