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UniCredit to sell 3.5% stake in Assicurazioni Generali

Italian banking group UniCredit plans to sell its 3.5% stake in insurer Assicurazioni Generali, reported Bloomberg, citing the bank's CEO Alessandro Profumo.

According to Mr Profumo, the bank also plans to sell real estate assets, some Capitalia branches and some treasury shares. However, the bank will retain its indirect stake in Generali through its holdings in investment bank Mediobanca and will retain its stake in Mediobanca, according to the Italian daily newspaper Corriere della Sera.

Earlier, UniCredit announced its plans to raise nearly E6.6 billion to strengthen its capital.

UniCredit is and continues to be a very strong bank, Mr Profumo was quoted as saying.