UniCredit CEO Andrea Orcel told CNBC
on Tuesday that Italy's second-largest lender has no ambition to
acquire insurance giant Generali, noting it was "a financial
investment".
Speaking about the bank's stake in Generali, Orcel said it was
something "we did over time, in months, it is a good Italian
company, they are our partners in central and eastern Europe".
In a call with analysts, Orcel also said "we are about to
announce that our total participation in Generali, including the
position we hold on behalf of our clients, has exceeded the 5%
threshold".
"This does not change our position on participation, which
remains of a financial nature and does not imply any interest
for the acquisition of the company", added Orcel.
Earlier this month, UniCredit announced it had acquired a 4.1%
stake in Italy's top insurer through market purchases over time.
The lender said on Tuesday that its full-year net profit in 2024
totalled 9.7 billion euros, up 2% year-on-year.
Net profit without DTA (deferred tax assets) increased to 9.3
billion euros, up 8%, said the bank.
Net profit came in at 1.6 billion euros in the fourth quarter,
down from 1.9 billion in the same period in 2023.
Meanwhile UniCredit on Tuesday pledged to bolster shareholder
returns in 2025, increasing its cash dividend pay-out guidance
to 50% of net profit, from 40% in 2024.
In November last year UniCredit launched a surprise 10 billion
euro all-share takeover bid for its domestic rival Banco BPM
which CEO Andrea Orcel said would take precedence over a
potential move on German lender Commerzbank.
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