Italy's Banca Generali has approved today the merger of the subsidiary BG SGR into Banca Generali, a deal initially announced in December 2011.
Italy’s Banca Generali has approved today the merger of the subsidiary BG SGR into Banca Generali, a deal initially announced in December 2011.
The merger is part of the rationalisation plan carried by the bank to increase the efficiency of its asset management activities.
The strategy started in September 2011 when BG SGR trasferred its mutual funds to Generali Investments Italy.
The merger will integrate in Banca Generali portfolio management activities still carried out by BG SGR, with specific reference to private clients’ portfolios.
As of the end of March, BG SGR had €2.3bn under management.
BG SGR’s activities will become an autonomous portfolio management division within Banca Generali.
“The merger is aimed at further enhancing this activity, focussing especially on quality and customer service. Moreover, once the new division is fully up and running, significant cost and revenue synergies are expected to be achieved within two years,” the bank said.
The merger is expected to become effective on September 1.