UniCredit is examining possible exposure to Delfin’s holdings in Banca Monte dei Paschi di Siena (MPS) and Assicurazioni Generali, reported Reuters citing people familiar with the matter.

The news agency reported that UniCredit’s CEO Andrea Orcel has discussed a potential purchase of Delfin’s stake in MPS in contacts with Delfin chairman Francesco Milleri.

A deal involving MPS would return UniCredit to the centre of Italy’s banking consolidation, after last year’s failed bid for Banco BPM.

The same sources said UniCredit has also evaluated a direct investment in Delfin, the holding company of the Del Vecchio family.

Delfin, owned in equal shares by the eight heirs of the late Leonardo Del Vecchio, holds stakes in MPS, Generali and UniCredit itself.

Delfin declined to comment to Reuters.

One source told the agency that UniCredit is interested in Delfin’s position in Generali, Italy’s largest insurer.

Last year UniCredit built a stake of nearly 7% in Generali as a financial investment, which it later cut to about 2%.

Orcel has previously said UniCredit “is observing” developments at Generali.

Reuters said the outcome of Orcel’s contacts with Milleri is unclear, and it could not verify when the talks occurred or whether they are continuing.

Two other people cited by Reuters said Orcel and Milleri are in frequent contact for various reasons.

Orcel sits on the board of the Fondazione Leonardo Del Vecchio charitable foundation, while Delfin is a UniCredit shareholder.

UniCredit still has capital above its own targets, despite acquiring 26% of Germany’s Commerzbank and 29.8% of Greece’s Alpha Bank.

Orcel’s recent M&A initiatives have faced opposition from governments in both Rome and Berlin, and UniCredit has blamed the Italian authorities for the collapse of its Banco BPM talks.