Italian bank UniCredit has revealed a 4.1% holding in compatriot Assicurazioni Generali, an insurance group.
The Milan-based bank called the stake a “pure financial investment”, emphasising it has no strategic interest in the insurer.
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This stake is said to have a “negligible impact” on UniCredit’s Common Equity Tier 1 (CET1) capital ratio.
The Italian lender stressed it “remains fully focused on the continued execution of UniCredit Unlocked, the tender offer on Banco BPM and the investment in Commerzbank.”
In addition, UniCredit holds another 0.6% of Generali stock, which is associated with ordinary client services and related hedging activities.
The value of UniCredit’s newly acquired stake in Generali is estimated to be around €1.97bn, stated Bloomberg.
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By GlobalDataGenerali main investors include Mediobanca and Italian tycoons such as Francesco Gaetano Caltagirone and the Del Vecchio family, who are also engaged in Banca Monte dei Paschi di Siena‘s takeover bid for Mediobanca, highlighted the news agency.
Last month, Generali entered a non-binding agreement with France’s BPCE to merge their asset management operations.
The joint venture would manage approximately €1.9tn in assets, with both firms holding equal shares.
As for UniCredit, the latest move continues its deal-making spree, aimed at consolidating its competitive position in Italy.
The Italian banking giant initiated an all-share bid for domestic competitor Banco BPM in November 2024.
This was followed by UniCredit’s stake hike in Commerzbank to 28% from 21%, which has been opposed by Germany on grounds of being “uncoordinated and unfriendly”.
