April 1, 2019 / 4:28 PM / 6 months ago

Allianz has great confidence in UniCredit CEO - executive

MILAN, April 1 (Reuters) - UniCredit’s Chief Executive Jean Pierre Mustier has the full backing of shareholder Allianz , a senior executive at the German insurer said on Monday.

“I have great confidence and respect for Mustier. He took the helm of the bank at a challenging time and took very brave decisions,” Giacomo Campora, Chief Executive of Allianz’s Italian unit, told Reuters on the sidelines of an event in Milan.

Allianz has a stake of around 1 percent in UniCredit, Italy’s biggest bank by assets.

Asked about a possible cross-border merger between UniCredit and another European bank, Campora said that “any deal should create value for all stakeholders”.

The manager said he hoped a long-standing partnership between UniCredit and Allianz would continue under the new business plan which the Italian bank will release in December.

Reporting by Gianluca Semeraro, editing by Silvia Aloisi

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