Generali still eyeing big buy, Russia deals -press

...will use its Czech buy as a springboard to expand into Russia, co-CEO Sergio Balbinot told a newspaper.

"(Small and large acquisitions) are complementary, they do not rule each other out," Balbinot told Italian daily Corriere della Sera in its Wednesday issue.

"We say that they run parallel," he added.

Generali said on Tuesday it had signed the final agreement with the PPF Group to create a joint venture that will control leading Czech insurer Ceska Pojistovna. The deal will make it the sector leader in central and eastern Europe.

"The operation allows us to enter Russia, a market of great interest but difficult too," Albinot said.

"This will be a springboard for Russia, we are ready for further acquisitions."

Balbinot said the insurer was also looking at Turkey.

"(This) is another interesting market," he said.

Balbinot said this month the company was willing to make acquisitions but that prices were high.

Generali has come under pressure from investors to secure a deal which would put it on a par with larger rivals such as France's Axa and Germany's Allianz AG .

Chairman Antoine Bernheim said last month Generali needed to grow to defend itself against takeovers and preferred Italian investors.

Keywords: GENERALI/