Fondiaria-Sai, Italy’s second largest insurance company is in exclusive talks with PKB Privatbank AG, a Swiss bank owned by the Trabaldo Togna family, to sell its Banca Gesfid SA unit, according to Luca Soncini general manager at PKB.
“Talks are at an advanced stage,” Soncini sais that talks are at an advances stage. Gesfid, a Lugano, Switzerland-based bank, posted net income of 20.5 million Swiss francs ($20.4 m) in 2009. The insurance company’s board will hold an extraordinary meeting on Thursday to decide on the sale of its Gesfid unit for 100 million EUR.
