The FINANCIAL — According to Dow Jones, Swiss Life Holding AG (SLHN.VX) March 10 said it has completed the sale of its private bank unit Banca del Gottardo to BSI bank in Ticino for 1.88 billion Swiss franc, or $1.84 billion.
After all the necessary permits and authorizations were received, the sale went ahead on March 7, three months after Swiss Life announced the deal to sell the unit to a banking unit of Assicurazioni Generali SPA (G.MI), the company said.
Swiss Life said the sum consists of CHF1.78 billion in cash and the bank's dividend for the 2007 financial year, which amounts to CHF100 million.
Swiss Life said it 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, the company added.
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