CERNOBBIO, Italy, Sept 3 (Reuters) - UniCredit’s CEO Jean-Pierre Mustier said on Saturday he was not worried that a possible capital increase to be launched by his bank could overlap with a cash call planned by Italy’s third biggest lender, Monte Paschi di Siena.
“I am not worried at all ... I am working on UniCredit’s strategic plan, which we will release by year-end,” Mustier said on the sidelines of the Ambrosetti Forum in northern Italy.
Mustier, who took the helm of Italy’s biggest bank by assets in July, is expected to launch a capital increase which analysts say could amount to 7-8 billion euros in early 2017.
Monte dei Paschi needs to complete a cash call for up to 5 billion euros by the end of 2016, but several banking sources have said this may take place at the beginning of 2017.
Bankers have said there was a risk the two rights issues could take place at around the same time, competing with each other to lure investors.
Reporting by Gianluca Semeraro; writing by Francesca Landini