CORRECTED-UPDATE 1-Generali sells BSI to BTG Pactual for 1.5 bln Swiss francs

lunes 14 de julio de 2014 08:30 GYT

(Corrects to clarify currency of share component is 300 million Swiss francs, not euros, in eighth paragraph)

* Sale to lift Solvency I ratio by 9 pct points to over 160%

* Generali to book net loss of 100 mln euros from disposal

* Italian insurer completes disposal of non-core assets

* Deal completion expected in H1 2015

By Lisa Jucca

MILAN, July 14 (Reuters) - Generali has agreed to sell Swiss private bank BSI to Brazil's BTG Pactual for 1.5 billion Swiss francs ($1.7 billion) in cash and stock, offloading an unprofitable non-core unit and boosting its financial strength.

For BTG Pactual, the sale means an expansion of its wealth management business by adding a large presence in Switzerland, still the world's biggest financial offshore market.

The deal, which Chief Executive Officer Mario Greco called a "complex transaction", puts an end to Generali's more-than-two year-search for a suitable buyer for an asset that had lost appeal in the face of relentless pressure by the United States and other western nations on Swiss banking secrecy.   Continuación...