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UniCredit Chief Tells Messaggero 2012 Will Be ‘Very’ Difficult

UniCredit SpA (UCG) Chief Executive Officer Federico Ghizzoni said 2012 will be “very” difficult, although the worst is over for Italy and for Europe, Il Messaggero reported, citing an interview.

Reforms to competition and privatization are vital for Italy to recover, Ghizzoni told the newspaper. UniCredit will be one of Europe’s most “solid” after its 7.5 billion-euro ($9.7 billion) capital increase next year, Ghizzoni told Il Messaggero.

To contact the reporter on this story: Armorel Kenna in Milan at akenna@bloomberg.net

To contact the editor responsible for this story: Sara Marley at smarley1@bloomberg.net

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