Gareth Gore is an associate editor at IFR, where he heads the global people and markets coverage. Since joining the magazine in 2009, he has written extensively on the eurozone crisis, sovereign debt, banking regulation and the international capital markets. He previously worked as a Madrid-based correspondent for Bloomberg, and has also worked for Risk magazine.
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UniCredit has achieved overwhelming market support for its €13bn capital raise – the biggest from a bank since the depths of the crisis – with 99.8% of rights being taken up during the subscription period, an impressive result for the struggling Italian bank.
European authorities are pushing for a comprehensive clean-up of the €1trn of non-performing loans currently festering on banks’ balance sheets, and a proposal for an asset management company to buy up bad loans is currently gaining traction among officials.
UniCredit is courting new investors to support its €13bn rights issue amid concerns that not all of its current shareholders will be willing – or able – to take up their rights in a transaction that is vital to turning around Italy’s biggest bank.