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Banca Generali head says no acquisition plans on table - paper
October 7, 2016 / 7:06 AM / a year ago

Banca Generali head says no acquisition plans on table - paper

MILAN, Oct 7 (Reuters) - Banca Generali has no acquisition plans on the table, the Italian asset manager’s managing director said on Friday, amid speculation the group could be interested in buying online broker FinecoBank.

“I can tell you there is no dossier on our table,” Gian Maria Mossa said in an interview in Il Sole 24 Ore in response to a question whether talks were under way over Fineco.

Italian bank UniCredit is looking to sell Fineco and other businesses to boost the bank’s stretched capital base.

In September sources said Banca Generali was working with Goldman Sachs in negotiations to buy UniCredit’s controlling stake in Fineco though the parties remained far apart on price.

Mossa said the group had given no formal mandate to investment banks for acquisitions.

Banca Generali is controlled by Italy’s biggest insurer Generali. (Reporting by Stephen Jewkes; Editing by Adrian Croft)

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