Italian insurer Unipol has lifted its bid for Banca Nazionale del Lavoro by 2% to €5bn ($6bn) after the country's regulator Consob ruled that it had increased its stake in BNL through an undisclosed agreement with its adviser Deutsche Bank.

Consob said in a statement on Friday that Deutsche Bank, an adviser to Unipol and shareholder in BNL, "is to be considered a party to a shareholders' agreement with Unipol".