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 last November plan unveiled three-year, 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.
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.