UniCredit increases cash call to clean up balance sheet

UniCredit Bank headquarters in Milan. Photo: Reuters

Sonia Sirletti

After Banca Monte dei Paschi di Siena failed to raise funds on the market, attention now turns to a much bigger cash call by UniCredit.

Italy's largest bank was yesterday seeking investor backing for a €13bn rights offer - almost as much as its market value - to carry out a turnaround plan under chief executive officer Jean Pierre Mustier.