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Date	27/05/1999
Companies	GENERALI - BANCO SANTANDER CENTRAL HISPANO -
Subject	BSCH & Generali continue their public disagreements

	Pedro Alonso Gil, Strategic Planning Director claims it is Generali that opened talks as to their distribution agreement not BSCH. The plot so far: On Monday the Cinco Dias newspaper reported BSCH unhappy with the profits from its Insurance activities. Whilst operating a larger insurance operation than its competitor Banco Bilbao Vizcaya its profits were less than one fifteenth as much. The press reports suggested that the Bank wanted to end its distribution agreement with Generali which covers the great majority of its insurance activities. (See separate item) On Tuesday Reuters reports the Generali press office stating the company has not had any discussions with BSCH on the matter and knew of none planned and that in any case the agreement was in force until the year 2012. On Thursday we have this statement from BSCH. Generali are also known not to be happy with the profitability of the operation either. Last month Gianfranco Gutty, Generali MD also talked of changes required saying that income results were 'unsatisfactory' from the operation.
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