UniCredit Acquires 4.1% Stake in Generali

Milan: UniCredit announced in a statement on Sunday that it has acquired a 4.1% stake in Italy’s leading insurance company, Generali. The acquisition was made through market purchases over an unspecified period.

According to Ansa News Agency, UniCredit clarified that the stake is primarily a financial investment, aimed at significantly exceeding its return metrics, and stated that it has a negligible impact on the bank’s Common Equity Tier 1 (CET1) ratio. Additionally, UniCredit holds an extra 0.6% as part of regular services for clients and related hedges.

The bank emphasized that it has no strategic interest in Generali and is concentrating on its strategic initiatives, such as the UniCredit Unlocked program, a tender offer for Banco BPM, and investments in Commerzbank. This aligns with UniCredit’s previous announcement in November of a surprise 10 billion euro all-share takeover bid for Banco BPM, which CEO Andrea Orcel indicated would be prioritized over potential actions involving Commerzbank.

Financi
al daily Il Sole 24 Ore reported on Saturday that UniCredit had been working towards building a 4-5% stake in Generali, reinforcing its focus on financial investment strategies.