UniCredit says focused on BPM, Commerzbank as sources confirm small Generali stake
Published by Global Banking & Finance Review®
Posted on February 1, 2025
1 min readLast updated: January 26, 2026

Published by Global Banking & Finance Review®
Posted on February 1, 2025
1 min readLast updated: January 26, 2026

UniCredit focuses on Banco BPM and Commerzbank, confirming a smaller stake in Generali than reported, amid leadership changes at Generali.
MILAN (Reuters) - UniCredit remains focused on its takeover bid for Banco BPM and its stake in Commerzbank, a spokesperson for the Italian bank said, after two sources confirmed a report about an investment in Generali.
Italy's top insurer Generali is under the spotlight as CEO Philippe Donnet faces a battle for reappointment in May.
Italian daily Il Sole 24 Ore reported on Saturday UniCredit had been working to build a 4-5% stake in Generali.
The two people confirmed UniCredit held Generali shares, but added the stake had been built earlier on, before a buyout offer launched on Jan. 24 by state-backed bank Monte dei Paschi di Siena (MPS) on Mediobanca.
Mediobanca is Generali's No.1 investor and the MPS bid has been seen as a way to pressure Generali as it prepares to renew its leadership and negotiates a landmark asset management deal with France's BPCE.
UniCredit's Generali stake is smaller than the size indicated by Il Sole, one of the sources said.
(Reporting by Valentina Za and Gianluca Semeraro; Editing by Angelo Amante)
UniCredit is focused on its takeover bid for Banco BPM and maintaining its stake in Commerzbank.
UniCredit has been building a stake in Generali, estimated to be around 4-5%, although it is smaller than previously indicated.
Mediobanca is identified as Generali's No.1 investor, playing a significant role in the company's financial landscape.
Generali's CEO Philippe Donnet is facing a battle for reappointment, which is compounded by a buyout offer from Monte dei Paschi di Siena.
The market has noted that UniCredit's stake in Generali was built earlier and is now under scrutiny as the company prepares for leadership changes.
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