Home » Crt rises to 2% of Generali’s capital, the future after the exit from Banco Bpm

Crt rises to 2% of Generali’s capital, the future after the exit from Banco Bpm

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Crt rises to 2% of Generali’s capital, the future after the exit from Banco Bpm

Crt rises to 2% of Generali’s capital after leaving Bpm

In the recent past, the Crt Foundation has decided to withdraw from Bpm Bankinstead directing its investments towards the incumbent insurer Generalsupporting the nomination of Andrea Orcel as CEO of UniCredit and also supporting Andrea Pignataro in such a way as to invite the prime minister Giorgia Meloni to discuss with him.

Fabrizio Palenzonahead of the Turin institution, the third largest foundation in Italy with assets of 2.3 billion, during an interview with The sun 24 hours, explained the recent moves and outlined the strategic pillars for the future. “In addition to this – explains Palenzona -, we have approved the appointment of Azzone as president of Acrewith the vice presidency assigned to Crt Foundation, and we have expectations regarding the capital bill. Furthermore, it is necessary to review and strengthen the governing covenant F2i.

Why sell shares of Bpm Bank? “It was a decision based on the suggestion of Enrico Cuccia – he comments Palenzona -: “sell, earn and repent”. Thanks to the work done by Giuseppe Castagna, we made a considerable profit. The proceeds from the sale were reinvested in our historic stake in Generalthus increasing the flow of dividends which, together with UniCredit e Mundysconstitute the largest part of the resources we make available to the territory.

Currently, our share in General it’s still around 2%. With regard to UniCreditwe continue to support Andrea Orcel, an excellent banker, and our participation is not in question. Our criticism concerned the process of forming the board list, not our presence in UniCredit.”

Board listing is a widespread practice internationally, but must be managed transparently and in line with best market practices. “Moreover – he concludes Palenzona -, we examined the work of Acre and we have proposed a work program for the future that will serve as a yardstick for the new leaders.

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With regard to F21we participated in the vehicle for the network Tim, but we are reviewing the agreements on the fund. We are optimistic about the future of the operation Prelios and we believe that the tool of golden power is important to protect companies and the national interest. Regarding Andrea Pignataro, is an exceptional man who has demonstrated a strategic vision and a passion for research and innovation. We believe that his commitment can bring benefits to our country.

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