By Gianluca Semeraro MILAN, March 12 (Reuters) - Top Italian insurer Assicurazioni Generali is interested in replacing French peer AXA as a partner for Monte dei Paschi di Siena and in expanding
Generali interested in replacing AXA as MPS partner, widening UniCredit deals
Generali's Strategic Moves in the Italian Banking and Insurance Sector
By Gianluca Semeraro
Generali Eyes MPS Partnership
MILAN, March 12 (Reuters) - Top Italian insurer Generali is interested in replacing French peer AXA as a partner for Monte dei Paschi di Siena and in expanding commercial deals with UniCredit, its chief executive said on Thursday.
Speaking to reporters after Generali released full-year results, CEO Philippe Donnet said the insurer "would be happy" to help MPS manage the savings of its customers on its home turf.
AXA Partnership Expiry and Generali's Interest
MPS's partnership with AXA expires in 2027, and CEO Luigi Lovaglio has repeatedly indicated that Generali could serve as an alternative.
"With the MPS–AXA partnership, Italian savings go to AXA, which sold its asset management business to BNP Paribas, so those savings are managed in France," Donnet said.
"If we can help bring Italian savings back to Italy we'll be happy to do so, but the decision will not be up to us."
Generali's Asset Management Expansion Plans
Donnet also said that Generali was open to talks with any counterpart, in Italy or abroad, that could help it expand its asset management business.
Challenges in European Asset Management Consolidation
Last year Donnet dropped plans to build a pan‑European asset management champion by merging Generali's business with BPCE-owned Natixis. The decision highlighted the challenge facing Europe's savings management industry, where consolidation trends often clash with nationalistic defences of domestic savings.
Opposition from Government and Key Shareholders
The Natixis deal was opposed by the Italian government and by key Generali shareholders Francesco Gaetano Caltagirone and the Del Vecchio family's Delfin investment vehicle.
Caltagirone and Delfin have tightened their grip on Generali after backing MPS's takeover of merchant bank Mediobanca, the insurer's largest investor.
Leadership Changes and Uncertainty
Barring last minute surprises, MPS CEO Lovaglio appears set to leave his post in April, adding uncertainty to the future of Generali, which is regarded as a strategic financial asset for Italy.
Generali and UniCredit: Expanding Partnerships
In separate remarks, Donnet said on Thursday that Generali's partnership with UniCredit in central and eastern Europe was working well.
"If there is a chance to widen the commercial partnership with UniCredit we're obviously open," he said.
UniCredit has built a stake in Generali, and CEO Andrea Orcel has said he is "observing" the situation at the insurer.
(Reporting by Gianluca Semeraro; Writing by Valentina Za; editing by Gavin Jones)
