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UniCredit board unanimously expresses full confidence in CEO

Reuters

MILAN (Reuters) - The board of Italy's biggest bank by assets UniCredit said on Tuesday it had unanimously expressed its full confidence in CEO Federico Ghizzoni, who according to sources with knowledge of the situation has lost the support of several influential shareholders.

In a statement after the bank released 2015 accounts, the board said that the results were better than market expectations and that the level of capital achieved by UniCredit allowed a greater degree of confidence about its ability to deliver on its multi-year plan.

On Monday, veteran shareholder Leonardo Del Vecchio, who owns a stake of just under 2 percent, became the first investor to publicly say the bank may need a change of management.

(Reporting by Silvia Aloisi)