Reuters logo
UPDATE 1-UniCredit will take part in Greek debt rollover-CEO
July 4, 2011 / 9:38 AM / 6 years ago

UPDATE 1-UniCredit will take part in Greek debt rollover-CEO

* Says agreement on debt rollover indispensable for Europe

* UniCredit’s Greece exposure is 800 mln euros

* Shares down 1 pct, in line with sector

(Adds details, quotes)

ROME, July 4 (Reuters) - UniCredit SpA , Italy’s biggest bank by assets, will take part in a Greek debt rollover and considers a European agreement on the plan “indispensable”, Chief Executive Federico Ghizzoni said on Monday.

Ghizzoni had said in mid-June that UniCredit had around 800 million euros ($1.2 billion) in Greek exposure on its 1 trillion euro balance sheet.

“We will take part (in the debt rollover) as requested, for Italian banks the contribution is minimal,” he told reporters on the sidelines of a conference. “An agreement is indispensable for Europe, and not just Europe.”

Ghizzoni added that a warning by ratings agency Standard & Poor’s that a Greek debt rollover plan being pushed by French banks would amount to a selective default was “too much of a technical interpretation, let’s hope this doesn’t happen”.

French banks, major holders of Greek sovereign debt, proposed voluntarily renewing some of the bonds when they fell due, but on different terms.

UniCredit shares were down 1 percent at 1.522 euros at 0926 GMT, in line with the STOXX Europe 600 banking index . (Reporting by Stefano Bernabei, Writing by Silvia Aloisi in Milan; Editing by David Holmes) ($1=.6872 Euro)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below