Deals
UniCredit CEO Sees Putting Up to $1.1 Billion in Italy Bank Fund
- Atlante would be able to take control of a bank, Ghizzoni says
- Bank shares extend rally for second day; UniCredit rises 3%
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UniCredit SpA, Italy’s biggest bank, will invest as much as 1 billion euros ($1.1 billion) in the nation’s Atlante investment fund for banks seeking to offload bad loans and rebuild capital buffers, Chief Executive Officer Federico Ghizzoni said.
Investments in Atlante are intended to be for five years, and can be renewed for three more, Ghizzoni said on the sidelines of the bank’s shareholders’ meeting in Rome Thursday. UniCredit has approval from its board to hold a stake of as much as 20 percent in the fund.