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Unipol ready to support Veneto banks' rescue if everyone else does
June 15, 2017 / 10:05 AM / 3 months ago

Unipol ready to support Veneto banks' rescue if everyone else does

MILAN, June 15 (Reuters) - Italy’s Unipol is ready to contribute to a state bailout of ailing regional banks Popolare di Vicenza and Veneto Banca if other financial institutions do the same, the head of the insurance group said on Thursday.

The EU Commission has requested a 1.25 billion euro ($1.4 billion) private contribution to cover incurred losses at the two Veneto-based banks before authorising the disbursement of public money to save the two lenders.

So far, only a few financial institutions led by heavyweights Intesa Sanpaolo and UniCredit have signalled a willingness to once again come to the rescue of the two lenders.

Unipol CEO Carlo Cimbri told journalists on the sidelines of an event that the group would be ready to take part if the private contribution was shared proportionally among all main Italian financial institutions. ($1 = 0.8961 euros) (Reporting by Andrea Mandala, writing by Valentina Za; Editing by Crispian Balmer)

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