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 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 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.
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