Unipol, the Italian insurer that last year lost out in the takeover battle for Banca Nazionale del Lavoro after charges of market abuse, has earmarked €2bn ($3.8bn) to secure future acquisition targets.

Unipol revealed in its half year results this week that it had about €3bn to spend in the next three years. Of that money €800m will be spent on buying back minority stakes in two subsidiaries, and €300m will be used for internal growth.