MILAN (Reuters) - Unicredit Chief Executive Federico Ghizzoni said on Tuesday he is comfortable with the sale of the Bank of Italy’s stake in Assicurazioni Generali (GASI.MI) to state-backed fund Fondo Strategico Italiano (FSI).
“We have read that the buyer will be FSI and it (the stake) will be managed on a medium term horizon... I am very tranquil,” Ghizzoni said.
“It would have been different if it had been on a short-term horizon,” he said.
The Bank of Italy, which will become Italy’s insurance regulator early in 2013, is considering a sale of its 4.5 percent stake in Generali to FSI to avert a possible conflict of interest.
Some shareholders have voiced concern about the risk of political interference if the stake were to be sold to FSI and managed on a short-term basis.
Unicredit is a shareholder of Generali’s leading shareholder Mediobanca (MDBI.MI)
Reporting by Gianluca Semeraro; editing by Francesca Landini