UniCredit Starts Reducing Stake in Generali, Repubblica Reports

UniCredit SpA has started reducing its stake in Assicurazioni Generali SpA in recent days as part of the Italian bank’s plan to exit the insurer over time, Repubblica newspaper reported.

The total amount of shares sold by the Italian lender would correspond to less than 1.5% of Generali, according to the paper on Saturday. UniCredit owned 6.49% of Generali’s capital as of April, the paper said.

UniCredit Chief Executive Officer Andrea Orcel said last month that the bank would reduce its stake in Generali and eventually exit the insurer as the investment was purely financial.

UniCredit is at the center ...