Intesa Sanpaolo holds 3.127% of Assicurazioni Generali: filing

Intesa Sanpaolo has filed a disclosure indicating it holds a 3.01% stake in Assicurazioni Generali as part of its ongoing bid to acquire Monte dei Paschi di Siena (MPS) for €30.6 billion ($35 billion). The stake, acquired through a hedging derivatives contract with a "leading financial counterparty," is described as a temporary, financial transaction aimed at maintaining the equity method accounting treatment currently applied to Mediobanca’s stake in Generali.

The move follows MPS’s acquisition of Mediobanca in 2024, which granted it a 13% stake in Generali, positioning it as largest shareholder in Italy’s top insurer. Intesa Sanpaolo, which previously attempted to acquire Generali in 2017, has focused on expanding its wealth management and insurance operations through strategic internal growth.

The filing highlights Intesa Sanpaolo’s broader strategy to strengthen its financial position and diversify its portfolio. The stake in Generali is not expected to alter the bank’s core business model but may support its accounting and financial reporting requirements during the MPS acquisition process.

As of April 29, 2025, Intesa Sanpaolo’s shareholder base included several major institutional investors, with BlackRock Inc. holding over 5% of the bank’s voting capital. The bank’s share capital is represented by 17.8 billion ordinary shares without nominal value.

The acquisition of the Generali stake underscores the interconnected nature of Italy’s financial sector and the strategic use of cross-holdings among major institutions.