Generali will remain in charge of decisions over how to allocate its own clients' savings under the asset management deal with France's BPCE, the insurer said, addressing concerns raised by Italy's government and two leading investors.

UniCredit SpA built a minority equity stake in Assicurazioni Generali SpA, adding to a flurry of dealmaking in the Italian financial sector.Most Read from BloombergWhen French Communists Went on a Bru

UniCredit SpA has built a stake in Assicurazioni Generali SpA that’s less than 4%, according to people familiar with the matter.

The Milan-based bank said its holding is “a pure financial investment” and asserted that it has “no strategic interest in Generali.”

UniCredit SpA has made a surprise new move in the fight to dominate the Italian financial system by unveiling a minority stake in Assicurazioni Generali SpA.Most Read from BloombergWhen French Communi

As Assicurazioni Generali SpA CEO Philippe Donnet seeks a contract renewal later this year, he can point to an asset management tie-up and a fresh three-year strategic plan as recent achievements. But a surprise fight for influence over Italy’s largest insurer is diverting some attention.

The Milan-based bank called the stake a “pure financial investment”, emphasising it has no strategic interest in the insurer.

UniCredit has been involved recently in a flurry of dealmaking activity, including a bid for Banco BPM and a raised stake in Commerzbank. View on euronews