Swiss Life said on Wednesday that it has agreed to sell Banca del Gottardo to BSI, a subsidiary of Italy’s largest insurer, Generali, for CHF1.875bn (US$1.65bn).
The deal value consists of a purchase price of CHF1.775bn and Banca del Gottardo’s CHF100m dividend for the year 2007, payable in 2008.
Following completion of the transaction by the end of the first quarter next year, BSI and Banca del Gottardo will be merged to form a Swiss private bank with about CHF100bn in assets under management.
“Banca del Gottardo has made good progress over the last two years and is on track to reach its 2008 objectives,” said Swiss Life’s chief executive Rolf Dorig.
He added: “Together with the bank, we came to the conclusion that Swiss Life is not the best owner for the next stage of development, as we intend to focus our investments on our life and pensions business and enhance our respective market positions.”
JPMorgan advised Swiss Life.
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