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UniCredit CEO: ECB content with strategic plan

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UniCredit CEO: ECB content with strategic plan

In a closed-doors meeting in Milan on Jan. 31, UniCredit SpA CEO Jean-Pierre Mustier assured investors that the ECB is content with the Italian lender's strategic plan, Reuters reported the same day, citing a source.

The central bank asked UniCredit, among other European banks, to separately present a plan to cut bad loans by the end of February.

Mustier reportedly said that there has been no new ECB request for a bad loan plan, according to the source, who added that the bank will submit the same steps on bad loans as it outlined in December 2016.

UniCredit said Jan. 30 that it expects to report a net loss of approximately €11.8 billion for full year 2016, while also disclosing that it would fall short of meeting minimum capital adequacy ratios for 2016.

UniCredit is reportedly expected to sign an underwriting agreement for a €13 billion rights issue as early as Feb. 1, with the fundraising anticipated to begin Feb. 6.