ROME — UniCredit, a prominent player in the Italian banking sector, has acquired a stake in the renowned insurance company Generali Group, as confirmed by two insiders. This development adds complexity to the ongoing banking rivalry in northern Italy.
Increasing competition in the insurance market
Generali Group is currently a focal point for several competing factions, notably the billionaire families Del Vecchio and Caltagirone, who are aligned with Rome, alongside the Milan-based investment bank Mediobanca. UniCredit is also pursuing a takeover of Banco BPM, a Milanese lender in which both families maintain an interest.
Although UniCredit’s recent stake acquisition does not overtly aim to enhance its influence over the billionaires’ ambitions regarding Generali, it is expected to have a notable impact during an upcoming board meeting, according to one source.
Strategic maneuvers and market implications
UniCredit’s investment, which remains under 4 percent, was executed through derivatives. This financial strategy enables the bank to gain economic exposure to Generali without surpassing the 10 percent threshold that necessitates mandatory disclosure. This tactical move comes on the heels of an unexpected bid for Mediobanca by Monte dei Paschi di Siena, another significant player in the banking scene.
Italian newspaper Sole24Ore first reported on UniCredit’s strategic acquisition. When approached for a statement, UniCredit opted not to comment on the matter.
“While the purchase of a stake by UniCredit was not an outright attempt to exert leverage over the billionaires’ bid for Generali, it will have an ‘interesting’ effect at a coming board meeting,” said one of the sources.