UniCredit, Italy’s largest bank by assets, said on Thursday that its €13bn rights offering was 99.8 per cent subscribed, as it fights to shore up its capital position.

The rights issue had been fixed at a 38 per cent discount at the start of the month and was to see shareholders receive 13 new shares for every five they own.

UniCredit chief executive Jean-Pierre Mustier launched the rights issue earlier this month to raise new capital as part of an aggressive turn-around plan for the lender, which has suffered from weak capital and profitability.

It reported a €13.6bn loss in the fourth quarter driven in part by a write-down of loans that had soured. That in turn helped push its common equity tier 1 ratio (CET ratio), a key measure of financial strength, to 7.54 per cent, down from 10.8 per cent in the previous quarter.

Get alerts on Italy when a new story is published

Copyright The Financial Times Limited 2022. All rights reserved.
Reuse this content (opens in new window) CommentsJump to comments section

Comments have not been enabled for this article.

Follow the topics in this article