Italian bank recaps move ahead with UniCredit, UBI

UniCredit Building 230x150
By Aidan Gregory
12 Jan 2017

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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