Italy’s Fondazione CRT has increased its stake in insurer Generali around 2% after selling its entire holding in Italian bank Banco BPM last week, its chairman Fabrizio Palenzona said on Tuesday.
“We are and will remain on the 2% threshold,” Palenzona said in an interview with daily Il Sole 24 Ore, adding the banking foundation had decided to consolidate its “long-term holding” in Generali to increase the dividend flow to the foundation.
CRT previously held a 1.6% stake in Italy’s top insurer.
Last week, the Italian banking foundation sold a 1.8% stake in Banco BPM for a capital gain which the newspaper estimates at 80 million euros ($86.17 million).
Palenzona added the 1.9% stake in Unicredit bank was “not under discussion” and the foundation supported the bank’s Chief Executive Andrea Orcel.
Last week, the board of UniCredit proposed handing another three-year mandate to Orcel, who took the reins in 2021 and has since managed to more than triple the bank’s share price helped by higher interest rates.
($1 = 0.9284 euros)
(Reporting by Cristina Carlevaro, editing by Alessandro Parodi and Sohini Goswami)
Was this article valuable?
Here are more articles you may enjoy.
Zurich Insurance Profit Beats Estimates as CEO Eyes Beazley 
AIG’s Zaffino: Outcomes From AI Use Went From ‘Aspirational’ to ‘Beyond Expectations’ 
Florida Regulators Crack the Whip on Auto Warranty Firm, Fake Certificates of Insurance 
How One Fla. Insurance Agent Allegedly Used Another’s License to Swipe Commissions 
