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Generali eyes UniCredit partnership but terms need work, Deputy CEO says

By Reuters News

MILAN, Nov 13 (Reuters) - Italy's top insurer Generali GASI.MI is interested in a commercial partnership with UniCredit CRDI.MI in bancassurance but must work out the financial terms before signing any agreement, Deputy CEO Giulio Terzariol said on Friday.

  • Generali has a partnership with UniCredit in central and eastern Europe and has repeatedly said it was open to expanding it if conditions were right

  • "We are definitely interested in pursuing any bancassurance agreement. So from that point of view, any partnership with UniCredit or any financial institutions of that kind of standing and reputation would be something that we welcome", Terzariol told analysts in a post-results call

  • On Monday, UniCredit CEO Andrea Orcel said that he hoped Generali would agree to a commercial deal in the coming months

  • "You need to sit at the table and then look at what is the upfront commission that you need to pay, so there is all the economics to work out, but clearly it will be for us also an interesting opportunity that we would definitely explore", Terzariol said

  • UniCredit has a 9% stake in Generali

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