European Finance

The latest accounting of climate finance shows there is a gap of about $70 billion. Closing that gap is critical to building the trust necessary to…(cont)

 

MILANUniCredit UNCFF -1.83 % SpA Chief Executive Federico Ghizzoni said Thursday that the banks board approved a plan to create a fund that will finance a set of companies under restructuring of which UniCredit is a creditor.

The bank will contribute up to 2 billion for the moment to this vehicle which will be set up in partnership with its Italian peer Intesa Sanpaolo ISNPY -2.02 % SpA, private equity giant KKR KKR -0.13 % Co. and consultant Alvarez and Marsal.

The objective is to support these companies growth, through investments in their equity, Mr. Ghizzoni said. He said the platform will be open to other investors.