VERONA, Italy, April 18 (Reuters) - Italy’s biggest bank UniCredit has strong fundamentals but also “the big problem” of being punished by the market’s negative view on the euro zone’s third biggest economy, foundation shareholder Cariverona said on Thursday.
Cariverona’s President Alessandro Mazzucco said this situation made it impossible for the banking foundation to reduce its 1.8 percent stake for now.
UniCredit shares fell to “worrying levels” at the end of last year and, despite a recovery at the start of 2019, generally suffer due to markets’ concerns over Italy, Mazzucco said.
“This makes it impossible for us to carry out the diversification which we would like to exercise and we can only hope the (stock) performance can change over time,” Mazzucco said.
Reporting by Riccardo Bastianello, writing by Valentina Za