Due to the Coronavirus, our office will be operating remotely in order to keep our staff free from infection. For latest update on the virus as it pertains to Florida please access our link. Office: 813.995.6013 Ext: 101 / Direct: 727.755.3060 Email: info@centurioninsuranceafs.com

Italy’s Fondazione CRT Lifts Stake in Generali to 2%, Its Chairman Says *Centurion Insurance AFS*

Feb 20, 2024 (0) comment , , , , , , , , ,


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.

The most important insurance news,in your inbox every business day.

Get the insurance industry’s trusted newsletter


Source link

Comment (0)

Leave a Comments