Swiss Life, a provider of pension and life insurance products, has completed the sale of Banca del Gottardo to BSI for CHF1.87 billion.
In November 2007, Swiss Life had reached an agreement with the Generali Group for the sale of Banca del Gottardo to BSI bank in Ticino, which belongs to the Italian financial services group.
The sale price consisted of CHF1.77 billion in cash and the bank’s dividend for the 2007 financial year amounting to CHF100 million, which became due before conclusion of the sale. The selling price can still be adjusted.
Swiss Life will earn a profit on the sale of around CHF600 million after taxes, which will be posted in the first half of 2008. Banca del Gottardo will be fully consolidated in Swiss Life’s financial statements for 2007 and up to March 7, 2008.