Italian eyewear billionaire Leonardo Del Vecchio is planning to raise his stake in financial group Mediobanca to up to 14%, Reuters reported citing two Italian publications.
The eyewear tycoon anticipates receiving the nod from the European Central Bank (ECB) later this month for increasing his individual stake in the bank.
Del Vecchio sought approval from the ECB back in June, when he owned a 9.9% stake in the Mediobanca.
ECB has set the stakeholding threshold at 10% and Del Vecchio had requested to raise this threshold to up to 20%, the report added.
The central bank is expected to divulge its decision by the end of this month.
Founded in 1946, the Milan-based bank never had a single non-banking shareholder owning over 10% stake in the company.
Del Vecchio intends to create a stable ownership base for Italy’s biggest insurer Generali and Mediobanca. Mediobanca is currently the largest shareholder in Generali with 13% stakes.
Del Vecchio also owns a 4.8% stake in Generali.
Mediobanca is renewing its board this fall; however, Del Vecchio decided not to seek representation on the board of directors.
Italian newspapers Il Sole 24 Ore and la Repubblica reported the billionaire Del Vecchio’s latest plans, Reuters said.