UniCredit makes financial investment in Generali
UniCredit said in a statement that it has acquired a 4.1% stake in Italy's top insurer Generali, CE Report quotes ANSA.
"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 lender said.
"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.
"An additional circa 0.6% is held as part of ordinary services for clients and related hedge.
"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 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.
