The chairs of UniCredit and Intesa Sanpaolo ruled out the outcome of the September 25 election may add pressure on Italian lendersThe headquarters of UniCredit bank in Milan, Italy. Picture: REUTERS/Stefano Rellandini
His Intesa Sanpaolo SpA counterpart, Gian Maria Gros-Pietro, told Bloomberg News that election concerns need to be “downplayed,” adding that the bank will ask whoever is elected to implement the EU’s recovery plan. Both executives ruled out that the outcome of the vote may add pressure on Italian lenders, which are already facing a fraught economic environment and geopolitical instability.
Political risk in Italy is growing, the country’s Russian gas dependency is high and European Central Bank bond buying has ended.Italian banks are considered vulnerable to market tensions and rising government bond yields because of their exposure to the country’s debt.
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