Generali, BSI reaches agreement with U.S. Department of Justice

30 March 2015 - 19:36 price sensitive

Trieste – Generali today announces that BSI, the Swiss private bank, has reached a Non-Prosecution Agreement (NPA) with the U.S. Department of Justice (DOJ) under which it resolves liability arising from its legacy U.S. private banking business.

BSI, which will pay an amount of USD 211 million, is the first “Category 2” bank to reach an NPA agreement with the DOJ.

The U.S. settlement  is in line with the amount already provisioned in Generali Group YE14 financial statements, therefore no further material impact is expected on Generali Group 2015 accounts.

The agreement with the DOJ is a further major step towards the finalization of the BSI sale process, which will occur after receipt of the required regulatory approvals.

Generali Group

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Generali is one of the largest integrated insurance and asset management groups worldwide. Established in 1831, it is present in over 50 countries in the world, with a total premium income of € 95.2 billion and € 863 billion AUM in 2024. With around 87,000 employees serving 71 million customers, the Group has a leading position in Europe and a growing presence in Asia and Latin America. At the heart of Generali’s strategy is its Lifetime Partner commitment to customers, achieved through innovative and personalised solutions, best-in-class customer experience and its digitalised global distribution capabilities. The Group has fully embedded sustainability into all strategic choices, with the aim to create value for all stakeholders while building a fairer and more resilient society.

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