MILAN (Reuters) - Italian private bank Banca Generali (BIT:GASI) is open to considering acquisitions of small banks and family offices in Italy and Switzerland, its Chief Executive Gian Maria Mossa said on Monday.
Banca Generali, which is 50% owned by Italy's top insurer Assicurazioni Generali, has received the green light from the Swiss regulator FINMA to operate as a bank in the country, Mossa said in an interview with the Swiss daily Corriere del Ticino.
"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," Mossa said.
In February Banca Generali bought a 9.8% stake in the London-based ESG rating and advisory boutique Mainstreet Partners.
Last month, it entered into exclusive talks to buy 30% of IRTOP Consulting, a financial boutique specialised in consulting for Capital Markets (market listings) in Italy, a source close to the situation said at the time, confirming earlier media reports.
"Our stance is to make acquisitions when there is sustainability, transparency, a suitable client base and a chance to create value", Mossa said.