MILAN (Reuters) – Fondazione Cariverona, a major Italian shareholder in UniCredit, confirmed its support for the bank’s management in regards to Commerzbank, its chairman said on Monday.
UniCredit has upset officials in Germany by becoming the biggest private investor in Commerzbank and preparing the ground to potentially become its single biggest shareholder, leapfrogging the Berlin government which owns 12%.
The head of Cariverona, Bruno Giordano, told a press conference that he was surprised that there was opposition in Germany to a major European project in the banking sector, according to a person who attended the event.
Fondazione Cariverona holds a 1.09% stake in UniCredit.
(Reporting by Gianluca Semeraro; editing by Keith Weir)
