UniCredit UCG -0.88%decrease; red down pointing triangle said it would double its stake in Alpha Bank ALPHA -1.01%decrease; red down pointing triangle to around 20%, deepening its partnership with one of Greece’s top lenders at a time when its expansion efforts elsewhere are facing roadblocks.

The Italian lender has been scouting acquisition targets in recent months under Chief Executive Andrea Orcel, who is positioning UniCredit at the center of the wave of consolidation sweeping through Europe’s banking and insurance sector. However, UniCredit’s approaches haven’t always garnered the support it hoped for. Its move on Commerzbank in Germany has been met with political opposition, while its takeover bid for domestic rival Banco BPM BAMI 0.30%increase; green up pointing triangle has also drawn Rome’s involvement.