In a statement after the bank released 2015 accounts, the board said that the results were better than market expectations and that the level of capital achieved by UniCredit allowed a greater degree of confidence about its ability to deliver on its multi-year plan.

On Monday, veteran shareholder Leonardo Del Vecchio, who owns a stake of just under 2 percent, became the first investor to publicly say the bank may need a change of management.

(Reporting by Silvia Aloisi)