Published by Global Banking & Finance Review®
Posted on January 12, 2026
2 min readLast updated: January 19, 2026
Add as preferred source on GoogleUniCredit is negotiating with Delfin to acquire a stake in MPS, potentially reshaping Italian banking. The talks also involve interest in Generali.
By Giuseppe Fonte, Elvira Pollina and Valentina Za
ROME/MILAN, Jan 12 (Reuters) - UniCredit CEO Andrea Orcel has discussed potentially buying the stake in Monte dei Paschi di Siena (MPS) held by Delfin in contacts with the head of the Italian holding company, three people close to the matter told Reuters.
An investment in MPS could put UniCredit back in play in the consolidation reshaping Italian banking after last year's failed attempt to acquire Banco BPM, another smaller rival.
The sources said UniCredit had also weighed a potential direct investment in Delfin, the holding company of Italy's Del Vecchio family. Delfin declined to comment.
UniCredit is also interested in Delfin's stake in Generali, Italy's biggest insurer, one of the sources added.
UniCredit last year built a holding of nearly 7% in Generali as a financial investment, which it later cut to 2%. Orcel has said UniCredit "is observing" developments at Generali.
The outcome of the talks between Orcel and Delfin Chairman Francesco Milleri was not immediately clear.
Delfin belongs in equal parts to the eight heirs of the late billionaire Leonardo Del Vecchio.
Orcel and Milleri have frequent contact for several reasons, two other people close to the matter separately said. Orcel sits on the board of the Fondazione Leonardo Del Vecchio charitable foundation and Delfin is a shareholder in UniCredit.
UniCredit still has capital in excess of targeted thresholds, after buying 26% of Germany's Commerzbank and 29.8% of Greece's Alpha Bank.
Orcel's M&A efforts have met resistance from the governments in both Rome and Berlin. UniCredit has blamed Italy for derailing the BPM deal.
Reuters reported in November that Italy's government still aimed to see through a long-held plan to combine MPS with BPM. Italy owns 4.9% of MPS after cutting a 68% stake it had acquired in a 2017 bailout.
Delfin's main asset is a 32% stake in eyewear group EssilorLuxottica. It also owns 17% of MPS, a holding worth 4.6 billion euros, and a 10.5% stake in Generali.
(Reporting by Giuseppe Fonte in Rome, and Elvira Pollina and Valentina Za in Miland; Editing by Giselda Vagnoni and Matthew Lewis)
M&A stands for mergers and acquisitions, which refers to the process of consolidating companies or assets through various types of financial transactions.
A stake in a company refers to the ownership interest or share that an individual or entity has in that company, often represented by shares of stock.
An investment is the allocation of resources, usually money, in order to generate income or profit over time.
Corporate strategy is the overall plan for a diversified company, outlining how it will create value across its various business units.
Financial management involves planning, organizing, directing, and controlling the financial activities of an organization to achieve its financial goals.
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