UniCredit files for Sopaf’s bankruptcy

Unicredit has filed for bankruptcy for Italian investment holding Sopaf.

According to a spokeperson, Sopaf wll hold a meeting of its Board of directors tomorrow to decide on the next steps of the process.

The most likely scenario will see the company entering a preventive agreement with its creditors.

In 2011, Sopaf reported losses for €57.9m, mainly caused by the change in value of Banca Network, which filed for bankruptcy in November 2011 and in which Sopaf had heavily invested.

Since 2005, the investment company is managed by the Magnoni family, which owns a controlling stake. Eurizon Capital, Anima SGR and Generali Investments also own shares in the company.

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