Generali, BPCE ink non-binding deal to create asset management champion
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FILE PHOTO: The Generali Tower designed by Iraqi-British architect Zaha Hadid is seen at Milan's CityLife district, Italy August 14, 2018. REUTERS/ Stefano Rellandini/File Photo
MILAN (Reuters) -Generali and France's BPCE said on Tuesday they had signed a non-binding memorandum of understanding (MoU) to combine their asset management operations aiming to create Europe's largest player by revenues.
The deal, which comes as the industry grapples with thinning profit margins, competition from U.S. giants and fast-evolving technology demands, is expected to be completed by early 2026, the two companies said in a statement.
Under the deal, BPCE's Natixis Investment Managers and Generali Investments will each own 50% of the combined business with "balanced governance and control rights", they said in the statement.
The new company will have 1.9 trillion euros ($1.97 trillion) in assets under management and 4.1 billion euros in revenues. ($1 = 0.9635 euros)
(Reporting by Gianluca Semeraro; editing by Valentina Za)
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