Generali, Italy's biggest insurer, has indicated it may back Banco Bilbao Vizcaya Argentaria's €6.4bn ($8.3bn) bid for Banca Nazionale del Lavoro, in return for a deal with the Spanish banking giant.

The insurer, the second largest single shareholder in BNL with 8.7% is understood to be willing to break ranks with its fellow Italian shareholders and back a foreign takeover in return for a bancassurance agreement with BBVA.