Assicurazioni Generali S.p.A. (BIT:G) has not got bids of substantial amount it expected for BSI SA, four people familiar with the situation said. BSI attracted bids below its estimated CHF 2.3 billion book value, people added. A consortium made up of Apollo Global Management, LLC (NYSE:APO) and Bankinter, S.A. (CATS:BKT) which is seen as the frontrunner to buy BSI, also offered substantially less than Generali estimate in 2012 of its worth, two of the people with direct knowledge of the matter said. Generali is now left with two options selling BSI for less than it thinks is its underlying value, or calling the sale off, sources added. Also, one of the sources added that Generali could decide to call off the sale and explore other options such as a public listing of BSI. Also, Banco Safra S.A. and Hony Capital (Beijing) Co., Ltd., earlier expressed an interest for BSI. It is however not clear if they are still interested, the sources said. Safra declined to comment, Hony Capital was not immediately available for comment. Generali, Bankinter and Apollo declined to comment to Reuters.

Bankinter, S.A. reported group earnings results for the first quarter of 2013. For the quarter, the company reported profit before taxes has reached EUR 67.8 million or 6.8% growth. The first quarter of 2013 records the second high result after the fourth quarter of 2012. Net interest income has reached EUR 132.6 million in first quarter of 2013. This is 19.4% less than the same period last year. As a result of cost contention and income growth, pre-provision profit stands at EUR 153.7 million. This is 6.7% more than in the first quarter of 2012 or 10.7% if compared with the fourth quarter of last year. Impairment charges in first quarter of 2013 amounts to EUR 74.7 million and are 6.9% down from the same period last year.

Bankinter, S.A., Q1 2013 Earnings Call, Apr 29, 2013