Private bank Banca Generali may consider acquisitions of small banks and family offices in Italy and Switzerland, according to a report by Reuters, citing the lender’s Chief Executive Officer Gian Maria Mossa.
“Organic growth always remains the focus, but we are open to acquisitions, both in Italy and Switzerland. We look at small banks, but also at trusts and family offices,” the CEO was quoted as saying by the same media.
“Our stance is to make acquisitions when there is sustainability, transparency, a suitable client base and a chance to create value,” Gian Maria Mossa added.
In February, Italy’s Banca Generali acquired a 9.8% stake in UK-based ESG rating and advisory boutique Mainstreet Partners.
Banca Generali is 50% owned by Italy’s leading insurer Assicurazioni Generali.
The shares of Banca Generali S.p.A. (BGN) were last losing 0.97% (EUR 0.32) to trade at EUR 32.80 in Milan on Monday, as they snapped a two-day streak of gains.
The private bank’s total market cap now stands at EUR 3.781 billion.
The shares of Banca Generali S.p.A. have risen 2.31% so far this year, following a 17.26% loss in 2022.
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