Federico D'Inca, Italian minister for parliamentary relations, said billionaire Leonardo Del Vecchio has yet to make a request with the Italian central bank to increase his stake in Mediobanca - Banca di Credito Finanziario SpA above 10%, Reuters reported.

Del Vecchio increased his stake in Mediobanca to nearly 10% in 2019 following UniCredit SpA's move to off-load its stake in its Italian peer.

Prosecutors in Milan were said to be investigating Del Vecchio's acquisition of an additional stake in the Italian lender, but sources with knowledge of the matter told Reuters that he is still expected to further raise his interest in the bank.