UniCredit says it has 4.1% stake in Generali

UniCredit said in a statement on Sunday that it has acquired a 4.1% stake in Italy’s top insurer Generali.

“UniCredit informs that it holds an equity stake of circa 4.1% in the share capital of Generali acquired through market purchases over time… The stake is a pure financial investment of the bank that significantly exceeds its return metrics and has a negligible impact on CET1 (Common Equity Tier 1)”, said the lender.

“UniCredit has no strategic interest in Generali and remains fully focused on the continued execution of UniCredit Unlocked, the tender offer on Banco BPM and the investment in Commerzbank”, the statement concluded.

Financial daily ‘Il Sole 24 Ore’ reported on Saturday that Italy’s second biggest bank had been working to build a 4-5% stake in Generali.

In November last year UniCredit launched a surprise 10 billion euro all-share takeover bid for its domestic rival Banco BPM which CEO Andrea Orcel said would take precedence over a potential move on German lender Commerzbank.