BPCE and Generali jointly agree to end negotiations related to the establishment of a Joint Venture in Asset Management

Core Points - BPCE and Generali have decided to end negotiations regarding the establishment of a joint venture in asset management, concluding that the conditions for a final agreement are not currently present [2][1] - Both companies reaffirm their commitment to developing a competitive financial industry in Europe, contributing to the region's economic success [2] Company Overview: BPCE - Groupe BPCE is the second-largest banking group in France and the fourth-largest in the euro zone by capital, serving 35 million customers globally through its retail banking and insurance operations [3] - The group employs 100,000 staff and operates through major networks including Banque Populaire and Caisse d'Epargne, as well as Natixis Investment Managers for asset and wealth management [3] - BPCE's financial strength is recognized by four credit rating agencies, with ratings including A1 from Moody's and A+ from both Standard & Poor's and Fitch [3] Company Overview: Generali - Generali is one of the largest integrated insurance and asset management groups globally, with a total premium income of €95.2 billion and €863 billion in assets under management (AUM) as of 2024 [4] - The company operates in over 50 countries, employing around 87,000 staff and serving 71 million customers, with a strong presence in Europe and growing markets in Asia and Latin America [4] - Generali's strategy focuses on customer commitment through innovative solutions and sustainability, aiming to create value for stakeholders and build a more resilient society [4]