Italy's largest listed investment bank Medioblanca SpA is planning to sell its stakes in firms which include Assicurazioni Generali SpA and Telecom Italia SpA. The investment mogul will sell the stakes as parts of its campaign to gain better revenue.
The investment bank has plans to raise Eur1.5 billion or $2 billion through its sale of shares in Telecom Italia and another company RCS MediaGroup SpA, and reducing its current 13.2 percent interest down to about 10.2 percent in Assicurazioni Generali, said the company.
"The strategy is aimed at achieving, over the medium term, a business model which is simpler, more value-creating, focused on specialized banking activities," said Alberto Nagel, Chief Executive Officer of the Milan-based investment bank. "The timing of the disposals depends on market conditions," he added.
Christian Carrese, an analyst at Italian firm Intermonte SIM, said that he "would have preferred a more aggressive approach to reducing the equity portfolio, especially a larger stake in Generali. The main information in the new business plan is consistent with our estimates."
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