MILAN (Reuters) - The board of Italy's top insurer Generali has approved a memorandum of understanding (MoU) that paves the way for an asset management deal with BPCE's Natixis Investment Managers to
Generali's Board Approves MoU for Asset Management Partnership with Natixis
MILAN (Reuters) - The board of Italy's top insurer Generali has approved a memorandum of understanding (MoU) that paves the way for an asset management deal with BPCE's Natixis Investment Managers to crate a European champion, two sources close to the matter said.
Generali and BPCE have been discussing a tie-up to create a leading European fund manager at a time when the industry is under pressure to scale up to shield profit margins, fend off competition from U.S. rivals and sustain rising technology investments.
Earlier on Monday sources told Reuters, the boards of directors at Generali and BPCE were expected to give green lights to the tie-up, with a preliminary deal that could be announced as early as Tuesday.
(Reporting by Gianluca Semeraro; editing by Valentina Za)
