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Report: UniCredit chairman says more capital may still be needed

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Report: UniCredit chairman says more capital may still be needed

UniCreditSpA Chairman Giuseppe Vita said the lender may have to carry out acapital increase, despite selling stakes in FinecoBank SpA and Bank Pekao SA, Reuters reported July 14.

Vita told the newswire on the sidelines of an event in Romethat he believed that the ECB would be not be satisfied with the transactions sofar, leaving the bank needing to raise more capital.

He also noted that UniCredit's new CEO, Jean-Pierre Mustier,should be given time to strengthen the bank's capital and strategy.