Italy's Generali completes sale of stakes in Mexican firms

Italian insurer Generali has completed the sale of its 49% stakes in Mexican insurer Seguros Banorte Generali and in life annuity provider Pensiones Banorte Generali to local holding Grupo Financiero Banorte, following the approvals by the relevant regulatory authorities. The US$858mn deal was announced in June. Through this deal Generali withdraws from a minority position which was not consistent with the group's strategy of actively managing and strengthening its capital position, the Italian insurer said in a press release. Banorte also controls Mexico's third largest bank and is also the largest player in the private pension fund business.