(Alliance News) - A deeper integration between Alleanza Assicurazioni and Banca Generali could generate significant benefits in terms of distribution, revenue, and valuation.
As Milano Finanza reported on Tuesday, according to Mediobanca Research, the operation could create up to EUR6 billion in value and a 12% increase in the capitalization of Generali, which could take advantage of the current favorable environment to increase its stake beyond the 50.2% it already holds in the bank.
The two entities are complementary but still only partially integrated. The current structure with a minority stake in Banca Generali, a legacy of the sovereign debt crisis, appears less efficient today in light of the group's capital strength.
Indeed, the networks cover different segments: Banca Generali focuses on private clients, while Alleanza targets smaller portfolios. Together, they would reach over 5,300 financial advisors and more than 7,000 insurance specialists, creating one of the leading wealth management platforms in Italy.
Hypotheses under consideration include a recapitalization of Banca Generali to acquire Alleanza or the creation of a holding company.
Analysts see room to enhance the value of both companies, confirming their positive outlook on Generali and raising their rating on Banca Generali, with a target price of EUR60.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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