TRIESTE (dpa-AFX) - Tuesday, Italian insurance company Assicurazioni Generali S.p.A. (G.MI, ARZGY.PK) and French banking group BPCE has signed a Memorandum of Understanding to create a joint venture by combining their respective asset management operations Generali Investments Holding and Natixis Investment Managers.
With each company owning 50 percent stake, the new entity would have over 1.9 trillion euros worth assets under its management. It would be established in Amsterdam, the Netherlands, whereas day-to-day operations would be conducted at units in France, Italy and the United States.
The combination is expected to increase shareholder value, focus on growth and innovation, and enhance private assets offering as well as investment capabilities.
The joint venture is projected to create value via synergies as well as growth opportunities, and to be accretive to BPCE's earnings and Generali's adjusted earnings and cash from year one, the companies noted.
Under the deal, estimated to complete by early 2026, the new entity would also receive seed money commitment worth 15 billion euros from Generali.
Currently, Generali's stock is trading at 29.12 euros, down 1.05 percent on the Milan.
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