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UniCredit exec says upbeat about capital increase
February 8, 2017 / 5:29 PM / 8 months ago

UniCredit exec says upbeat about capital increase

Unicredit bank logo is seen on a sign in Milan, Italy, May 23, 2016. REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters) - Italy’s biggest bank by assets is upbeat about a record 13 billion-euro ($13.91 billion) share sale launched this week, the bank’s head of strategy said on Wednesday.

The cash call, the biggest in Europe since 2010, is seen as a key test of investor confidence in Italy’s battered banking sector, coming just weeks after Monte dei Paschi di Siena (BMPS.MI) had to be rescued by the state.

The share issue kicked off against a shaky backdrop on Monday, when banking shares were hit by a spike in the spread between Italian and German 10-year government bonds.

“If you look at the last two days, the market prices are very good. We are serene,” Marina Natale told reporters.

Reporting by Gianluca Semeraro, writing by Silvia Aloisi; editing by Agnieszka Flak

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