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.