UniCredit Heats Up Italy Finance Battle With Generali Stake (1) #ItalyFinance

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Andrea Orcel has made another surprise move in the fight to dominate the Italian financial system.

The Unicredit Spa chief executive officer on Sunday unveiled a 4.1% stake in Insurance Generali SpAsaying it’s a “financial investment” and he doesn’t have a strategic interest in the insurer.

Instead, the holding may afford Orcel with a valuable bargaining chip in his plan to play a key role in reshaping Italian banking by pursuing Italian lender Banco BPM SpA.

Andrea Orcel during an interview in London, UK, on Nov. 23, 2023.

Photographer: Carlotta Cardana/Bloomberg

That’s because Generali has become an important asset in the increasingly complex web of cross-holdings that has turned the Italian …

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