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UniCredit CEO not worried bank's cash call could overlap with Monte Paschi's
September 3, 2016 / 4:16 PM / a year ago

UniCredit CEO not worried bank's cash call could overlap with Monte Paschi's

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

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