Banca Generali of Italy has announced that it has completed the integration of Banca BSI Italia into its group. As planned, the Generali...

Banca Generali of Italy has announced that it has completed the integration of Banca BSI Italia into its group. As planned, the Generali private banking division, with €3.4 billion ($44 billion) in assets under management, has been merged into BSI Italia, wholly-owned by Generali since July 2006. BSI Italia, now the private banking arm of the Generali group, already had €2.8 billion in AUMs at 1 January 2007. BSI Italia was formerly the Italian unit of the Lugano-based private banking subsidiary of Assicurazioni Generali. Generali recently reported total net inflows in December 2006 of €234 million, of which €20 million pertained to BSI Italia. For the full year 2006, total net inflows reached €2,372 million, of which €120 million related to BSI Italia.