Italian bank recaps move ahead with UniCredit, UBI
Italy took two steps forward in fixing its embattled banking system on Thursday, as UniCredit won shareholder approval for its €13bn rights issue, while UBI Banca shares surged on the news that it will seek to raise €400m to support a takeover of three retail banks bailed out in 2015.
UniCredit won 99.6% approval from its shareholders on Thursday to carry out its €13bn recapitalisation. As UniCredit’s shareholders gathered for the bank’s general meeting, CEO Jean-Pierre Mustier had already been on the road selling the deal. The response so far has been warm, according to bankers involved.“I ...
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