MILAN Oct 18 UniCredit does not need
another capital increase as its core Tier 1 ratio is already
above 10 percent, the chief executive of Italy's largest bank by
assets said in a newspaper interview published on Thursday.
Asked by Rome-based daily Il Messaggero whether the bank may
need another cash call after a 7.5 billion-euro rights issue
earlier this year, UniCredit CEO Federico Ghizzoni said: "False.
We are above 10 percent of Core Tier 1 and among Europe's best
Ghizzoni also said a spin-off of the bank's Italian
activities, an option favoured by UniCredit Chairman Giuseppe
Vita, was "not on the agenda".
In any case such a spin-off would have no impact on
UniCredit's employees, he said.
He said a European banking union was necessary as soon as
possible and that he thought the European Central Bank would
take on supervision of systemic banks already in 2013.
On Mediobanca, where UniCredit is the biggest
single shareholder, Ghizzoni said the investment bank's
management would be judged on the basis of its new strategic
"If the plan that they will present will be judged credible
then the managers will be judged credible too," he said.
Ghizzoni reiterated that UniCredit "would not hesitate one
minute" to defend Mediobanca if it came under attack on the
(Reporting By Silvia Aloisi)