Sanpaolo says is covered on Fiat convertible loan

Newswire

TURIN, June 30 (Reuters) - Italian bank Sanpaolo IMI is covered against the possibility of having to convert its share of a loan to automaker Fiat into shares, Chief Executive Alfonso Iozzo said on Wednesday. "In our generic reserves we have already completely covered the implicit value of the mandatory convertible loan," Iozzo told a news conference. Last year, Sanpaolo wrote down 87 million euros to cover its exposure to the Fiat loan.

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