UniCredit bank logo is pictured in Rome, Italy, November 25, 2024. REUTERS
MILAN, April 23 (Reuters) – Italian bank UniCredit holds a stake of 8.72% in Generali Andrea Sironi, the chairman of the country’s biggest insurer, said on Thursday as he listed the holdings of investors at the annual general meeting (AGM).
UniCredit had built a stake of 6.7% ahead of last year’s Generali AGM. In June Chief Executive Andrea Orcel said UniCredit would gradually reduce it.
In November, addressing a parliamentary committee in Rome, Orcel said UniCredit had cut the stake to just above 2%, from 6.7% after establishing the conditions were not in place to pursue joint initiatives.
Orcel said at the time UniCredit was holding onto its residual stake. “We observe the situation,” Orcel said.
Reporting by Gianluca Semeraro; Editing by Valentina Za and Alvise Armellini
