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MILAN, Might 31 (Reuters) – Generali’s (GASI.MI) chief govt dismissed on Tuesday the concept of a merger with lender UniCredit (CRDI.MI) and denied recurring press rumours about doable curiosity from French corporations in taking management of Italy’s prime insurer.

“There isn’t any plan for a merger with UniCredit, it’s not a part of our technique, as a result of it doesn’t make sense,” Philippe Donnet instructed a parliamentary listening to.

The monitor file of UniCredit (CRDI.MI) boss Andrea Orcel as certainly one of Europe’s most skilled dealmakers has fuelled hypothesis he might search a deal, probably involving Generali. However in December he quashed hypothesis that the financial institution could possibly be within the insurer. learn extra

Donnet stated that “there are not any synergies” between insurance coverage and banking companies and a merger “would weaken each”.

“I do not see any profit and this is applicable to any financial institution,” he added.

Donnet, 61, held varied positions inside Generali’s French rival Axa (AXAF.PA) between 1985 and 2007.

This prompted hypothesis that his arrival at Generali 9 years in the past was linked to a doable deliberate merger with the French insurer large or one other French firm.

“I’m French however I’m additionally Italian. I arrived 9 years in the past to guide Generali Italia and since then I learn within the Italian press this story about French corporations,” added Donnet, who turned group chief govt in 2016.

“There isn’t any curiosity of any French firm, it’s a fantasy of journalists,” Donnet added.

Reporting by Gianluca Semeraro;
Enhancing by Keith Weir

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