Banca Profilo SpA (PRO.MI) Chairman Matteo Arpe and former Assicurazioni Generali SpA (G.MI) chairman Cesare Geronzi have been sentenced to three years and seven months and five years, respectively, in jail, in a trial related to the collapse of Parmalat SpA (PLT.MI), Italian newswire MF-Dow Jones reports Tuesday.

Arpe said in an emailed statement, "The decision of the court appears frankly paradoxical and above all unmerited. Verdicts should of course be respected but we will certainly be appealing this decision."

A spokesman for Geronzi and his lawyer weren't immediately reachable for a comment Tuesday.

Geronzi and Arpe worked together as chairman and chief executive, respectively, at Italian lender Capitalia, now part of UniCredit SpA (UCG.MI), over nine years ago. Both bankers were convicted in the case related to the sale of mineral water company Ciappazzi to Parmalat.

-By Alessandro Mocenni and Sabrina Cohen, Dow Jones Newswires; +39 02 5821 9906; sabrina.cohen@dowjones.com

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