UniCredit Considers Capital Increase to Meet ECB Rules

UniCredit Chairman Giuseppe Vita said Italy's biggest lender will have to consider a capital increase to satisfy European Central Bank requirements, as the sale of assets carried out in recent days wouldn't be enough.

"I don't believe that the European Central Bank will be satisfied with what we've done," said Mr. Vita on the sidelines of an event in Rome.

The bank—Italy's largest by assets—launched the sale of two minority stakes in the past few days in an effort to reinforce its capital position. On Wednesday, it completed the sale a 10% stake in Polish subsidiary Bank Pekao SA for roughly €749 million ($830 million). On Tuesday, it said it sold a 10% in online bank Finecobank.

UniCredit said that the sale of the stake in Pekao would improve its capital-adequacy ratio by about 12 percentage points, while the FinecoBank transaction has improved its capital ratio by 8 percentage points.

Write to Manuela Mesco at manuela.mesco@wsj.com

(END) Dow Jones Newswires

July 14, 2016 04:45 ET (08:45 GMT)

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