UniCredit CEO says to gradually exit Generali investment
MILAN, June 17 (Reuters) - UniCredit's (CRDI.MI), opens new tab Chief Executive Andrea Orcel on Tuesday vowed to gradually reduce the stake it has built in the country's top insurer Generali (GASI.MI), opens new tab, ruling out large insurance deals for Italy's second-biggest lender.
Speaking at a conference organised by rival Mediobanca, Orcel said building stakes in a target company as a first step towards potential tie-ups could be a good strategy, given widespread government hostility across Europe to bank M&A.
However, "I want to be very clear, the investment in Generali is not that," Orcel said. "We will be reducing it and exiting it over time."
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