Rome

Generali sells non-core assets in Mexico for 500 mn euros

Italian insurer says minority assets sale boosts liquidity

Generali sells non-core assets in Mexico for 500 mn euros

Rome, June 11 - Italian insurer Generali said Tuesday that it will sell its minority stakes in two Mexican insurance companies for a net capital gain of 500 million euros. Generali, Italy's largest insurance company, said it would sell its 49% minority interest in Seguros Banorte Generali and Pensiones Banorte Generali for $857.5 million, or 649 million euros. The sale to Grupo Financiero Banorte will result in a net gain of 500 million euros, Trieste-based Generali said. The sale allows the insurance company to shed non-core assets while strengthening its financial profile and liquidity.

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