UniCredit Urges Fondiaria to Raise Capital, CEO Tells Giornale

UniCredit SpA (UCG) Chief Executive Officer Federico Ghizzoni urged Italian insurer Fondiaria-SAI SpA (FSA) to boost its capital, il Giornale reported, citing an interview.

Ghizzoni said that a capital increase would be “more logical” for the insurer, according to the Italian newspaper. The bank, which owns a 7 percent stake in Fondiaria, is waiting for a report from the insurer’s adviser, Goldman Sachs Group Inc., before deciding whether to participate in any capital increase, the CEO was cited as saying.

To contact the reporter on this story: Sonia Sirletti in Milan at ssirletti@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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