January 6, 2026
From left to right: Lorenzo Codogno, Ignazio Angeloni and Nicolas Véron.
The failed partnership between Italy’s Generali and France’s BPCE is more than a collapsed deal in European asset management. It exposes how challenging it remains for Europe to build financial scale once a project becomes truly cross-border, and how protectionist reflexes, legal uncertainty and unfinished integration can combine to smother a transaction.
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