Generali eyes MPS post-AXA and doubling down with UniCredit

(Alliance News) - Generali CEO Philippe Donnet has officially opened the door to replacing France's AXA as Monte dei Paschi di Siena's partner.

Commenting on the annual results, as reported by Reuters, Donnet stated that the insurer "would be delighted" to assist MPS in managing savings on the domestic market, emphasizing a strong patriotic stance: "If we can help bring Italian savings back to Italy, we will be happy to do so."

The critique of the current setup is sharp, as with the MPS-AXA agreement expiring in 2027, capital is flowing across the Alps: "those savings are managed in France," the manager reiterated. Beyond Siena, attention remains high on UniCredit, with whom relationships in Central and Eastern Europe are already solid.

"If there is an opportunity to expand the commercial partnership with UniCredit, we are obviously open," Donnet confirmed, despite UniCredit CEO Andrea Orcel admitting he is merely "observing" the situation.

This repositioning reflects pressure from shareholders Caltagirone and Delfin, favoring national consolidation over previous pan-European ambitions, in a climate marked by governance uncertainties and investigations by the Milan Prosecutor's Office.

MPS shares are down 2.7% at EUR7.28 per share, while Generali is up 2.1% at EUR33.84 per share, Caltagirone is up 0.6% at EUR9.48, and UniCredit is trading in the red by 1.9% at EUR66.33 per share.

By Michele Cirulli, Alliance News reporter

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