MILAN: Italy's sixth largest bank Banco Popolare had a Core Tier 1 ratio of 6.6 percent at end-September and aims to bring that up to 7 percent at the end of next year without any capital increase, its chief executive said in a press interview on Monday.
"I can confirm that I would resign if someone wanted to impose me a capital increase. For a simple reason: today, our institution doesn't need it," Pier Francesco Saviotti said in an interview with Italian daily La Repubblica.
He said a "possible" objective was to raise the Core Tier 1 ratio to 7.7 percent at end-2013 from 7 percent at end-2012, which could be reached without converting a 1 billion euro convertible bond.
The bank's business plan, announced last June, will help save 200 million euros and boost the Core Tier 1 ratio by 20 basis points, he said.
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