UniCredit has acquired a stake in Generali as a "financial investment," but was also open to considering a partnership with the insurance company, CEO Andrea Orcel stated.
During a parliamentary hearing, Orcel explained that UniCredit reduced its stake from 6.7% to just over 2% after determining that the conditions for pursuing joint initiatives with Generali were not met. "It is a good company, and given the status of the partnerships we have with other partners, for example in wealth management, we could have been interested in exploring ways of cooperation," he said.
For now, UniCredit is holding onto its remaining stake, Orcel added, noting: "We are observing the situation."
(Reporting by Stefano Bernabei, editing by Antonella Cinelli)
