UniCredit shareholder Cariverona says move on Monte Paschi "courageous"

FILE PHOTO: The UniCredit bank logo in the old city centre of Siena, Italy, June 29, 2017. REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters) – UniCredit’s decision to engage in talks with Italy’s government over Monte dei Paschi is “important and courageous”, the chairman of one of its key shareholders, the Cariverona Foundation, said on Friday.

UniCredit said on Thursday it would hold exclusive talks with Rome over Monte dei Paschi, a move that could see the Tuscan lender return to private ownership four years after it was rescued by the state.

“The UniCredit board has made an important and courageous decision, and Cariverona has total confidence in (UniCredit CEO Andrea) Orcel’s ability to assess every possible strategic development for the group,” Cariverona Chairman Alessandro Mazzucco said in an emailed comment.

Cariverona holds a stake of 1.8% in UniCredit.

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