Rome, Italy – UniCredit has retained a residual stake in Generali as a financial investment but remains open to exploring possible cooperation with Italy’s largest insurer, CEO Andrea Orcel said.

Speaking before a parliamentary committee in Rome, Orcel explained that UniCredit had reduced its stake in Generali from 6.7% to just above 2%, after determining that the conditions for joint initiatives were not currently in place.

“It’s a good company and we could have had an interest – given the state of the partnerships we have with other partners, such as in asset management – in exploring ways of cooperating,” Orcel said.

For the time being, UniCredit plans to hold onto its remaining stake and monitor developments. “We observe the situation,” he added.