ECB tells Italy's Del Vecchio he cannot hold more than 20% in Mediobanca - paper

1 minute read

A logo of Mediobanca is pictured at Mediobanca headquarters in Milan, Italy, November 12, 2019. REUTERS/Flavio Lo Scalzo/File Photo

Register now for FREE unlimited access to Reuters.com

ROME, May 18 (Reuters) - The European Central Bank (ECB) has told Italian entrepreneur Leonardo Del Vecchio that "at current conditions" his holding company cannot hold a stake of more than 20% in Mediobanca (MDBI.MI), a newspaper reported on Wednesday.

The central bank has told Del Vecchio that in order to exceed the 20% threshold, his holding company, Delfin, must be transformed into a bank holding, Milano Finanza reported without citing sources.

The ECB had given its green light to Delfin to raise its holding in Mediobanca above 10% and just short of 20% in August 2020.

Mediobanca's CEO Alberto Nagel, came under pressure after the eyewear magnate emerged as the top investor in the bank, with a share of just under 20% and another Italian tycoon, Francesco Gaetano Caltagirone, bought a 5.5% stake.

Delfin and the ECB declined to comment.

Register now for FREE unlimited access to Reuters.com
Reporting by Gianluca Semeraro, writing by Giulia Segreti, editing by Federico Maccioni

Our Standards: The Thomson Reuters Trust Principles.