BPCE and Generali have mutually agreed to terminate negotiations on the creation of a 50/50 joint venture that aimed to become Europe’s largest asset manager by revenue, managing £1.9 trillion in assets.
According to a statement accessed by Jornal Económico, both groups conducted extensive discussions and consultation processes following the signing of a non-binding MoU in January 2025. Although the work confirmed the “industrial value” of a partnership, the parties concluded that the conditions for a final agreement are not currently met.
BPCE - which is in the process of acquiring Novobanco — notes that despite ending negotiations, both companies remain committed to supporting a strong European financial sector and fostering globally competitive “European champions.”
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