June 11, 2020 / 7:33 PM / a month ago

UPDATE 1-Italy's Generali to pay BTG Pactual $260 mln to settle dispute over BSI

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MILAN, June 11 (Reuters) - Italy's top insurer Generali said on Thursday it had reached a settlement agreement with Brazilian bank BTG Pactual to end a dispute over the sale of Swiss private bank BSI.

Generali said it would pay BTG Pactual 245 million Swiss francs ($260 million) by way of compensation and price adjustment, with a net impact of around 183 million euros ($207 million) on its 2020 first half results.

BTG Pactual bought BSI from Generali for 1.25 billion francs in 2015. A few months later it sold the bank to Swiss rival EFG International AG.

The arbitration started in 2016 when BTG Pactual sought monetary compensation from Generali for fines imposed by Swiss and Singapore authorities against BSI, claiming that the fines were related to the period prior to the acquisition of the bank.

$1 = 0.9417 Swiss francs $1 = 0.8836 euros Reporting by Elisa Anzolin, editing by Gianluca Semeraro and Marguerita Choy

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